/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/150317.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, March 17, 2015, Vol. 18, No. 053 Headlines A U S T R A L I A CHARTERHILL GROUP: May Have Traded While Insolvent, Report Says CHARTERHILL GROUP: Founder Banned Until July 2017 DUNFO CAPITAL: Fails to File Financial Reports; License Suspended HERITAGE HOTEL: Goes Into Receivership HI-FI: In Administration, Sold to New Owners MF GALLIANO: First Creditors' Meeting Slated For March 23 SJR FARMS: First Creditors' Meeting Set For March 23 SOUTHPORT LEAGUES: First Creditors' Meeting Set For March 23 TOWNSVILLE CROCODILES: Woes Spark Hopes of Financial Backing C H I N A COUNTRY GARDEN: 2014 Results Support Ba2 CFR, Moody's Says NEXTEER AUTOMOTIVE: 2014 Results Supports Moody's 'Ba1' CFR I N D I A ADARSH SYNTHETICS: ICRA Rates INR5cr Fund Based Loan at B+ ARVEE ELECTRICALS: CARE Puts B+ Rating on INR1.5cr LT Bank Loan BHAGWATI LACTO: CARE Assigns B+ Rating to INR15cr LT Bank Loan BHAYANA BUILDERS: CRISIL Rates INR250MM LT Bank Loan at B- BIG TILES: ICRA Reaffirms B+ Rating on INR8.13cr Term Loan CHIRAJ STOCK: CRISIL Reaffirms B Rating on INR17.5MM Cash Credit CONSOLIDATED CONSTRUCTION: CARE Rates INR1,253.25cr LT Loan at D FOREVER GREEN: ICRA Puts SP 4E Grading on Poor Financial Strength GLOBAL FOODS: CRISIL Assigns B Rating to INR90MM Term Loan GUJARAT STEEL: CARE Reaffirms B+/A4 Rating on INR24cr Bank Loan GURULAXMI COTTEX: CARE Ups Rating on INR36.13cr Loan From B+ I-RED CONCRETE: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan JALDHARA GINNING: ICRA Assigns B Rating to INR6.5cr Cash Credit JAY BHAVANI: CRISIL Assigns B+ Rating to INR65MM Cash Credit KALYAN METRO: CRISIL Reaffirms B- Rating on INR76.8MM LT Loan KAPOOR OIL: ICRA Reaffirms B Rating on INR6cr Cash Credit LOGON INDIA: CRISIL Reaffirms B Rating on INR80MM Secured Loan LOTUS FABRICS: CARE Assigns B+ Rating to INR2.83cr LT Bank Loan MANJEERA PROJECTS: ICRA Suspends B+ Rating on INR35cr Bank Loan MANJEERA RETAIL: ICRA Ups Rating on INR300cr Term Loan to B+ MINERVA POULTRY: CARE Upgrades Rating on INR6.82cr LT Loan to B MURLI REALTORS: CRISIL Reaffirms B- Rating on INR160MM Loan OM KAILASH: CARE Lowers Rating on INR9cr LT Bank Loan to 'D' OMNIFRESH AGRO: CARE Assigns B+ Rating to INR9cr LT Bank Loan PARIKH INVESTMENT: CRISIL Reaffirms B+ Rating on INR200MM Loan PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR95MM Loan PAYAL PETROPACK: ICRA Reaffirms B+ Rating on INR8cr Cash Credit R. JAYKUMAR: ICRA Lowers Rating on INR6.50cr Fund Based Loan to D RADHE RENEWABLE: CRISIL Reaffirms B Rating on INR130MM Cash Loan SAFI TRADERS: CRISIL Assigns B+ Rating to INR50MM Cash Credit SAKTHI SPINTEX: ICRA Cuts Rating on INR6.78cr Term Loan to D SANGAMNER-LONI: CRISIL Reaffirms D Rating on INR140MM Term Loan SANKET PROPERTIES: CRISIL Reaffirms B+ Rating on INR140MM LT Loan SARAF CORPORATION: CRISIL Rates INR45MM Cash Credit at B+ SETMAX CERAMIC: ICRA Reaffirms B- Rating on INR3.50cr Cash Loan SHARP REALTORS: CARE Reaffirms D Rating on INR60cr LT Bank Loan SHREE CONVEYOR: CRISIL Rates INR150M Loan 'D'; Suspension Revoked SHREE SITA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan SHRI RAM: CRISIL Reaffirms B Rating on INR125MM Cash Credit SINGH NATURAL: CRISIL Rates INR60MM Loan 'B+'; Suspension Revoked SOLITAIRE FOODS: CRISIL Cuts Rating on INR100MM Term Loan to D SRI DURAIAPPA: ICRA Assigns B Rating to INR9cr Fund Based Loan SRI DURAIAPPA STORES: ICRA Rates INR6cr Fund Based Loan at 'B' STAR PAPER: CARE Raises Rating on INR19cr LT Bank Loan From B+ TENKASI TIMBER: CRISIL Reaffirms B+ Rating on INR12.5MM Cash Loan TRANSWORLD SHOES: CRISIL Assigns B+ Rating on INR25MM Loan V R TEXTILES: CRISIL Cuts Rating on INR400MM Cash Credit to D I N D O N E S I A ALAM SUTERA: Fitch Affirms 'B+' IDR; Outlook Stable J A P A N JCREF CMBS 2007-1: Fitch Cuts Then Withdraws 'Dsf' Notes Rating M O N G O L I A MONGOLIA: B2 Credit Profile Constrained by Commodities Exposure X X X X X X X X * BOND PRICING: For the Week March 9 to March 13, 2015 - - - - - ================= A U S T R A L I A ================= CHARTERHILL GROUP: May Have Traded While Insolvent, Report Says --------------------------------------------------------------- Nick Bendel at AccountantsDaily reports that a liquidator's report from Heard Phillips suggested the now-defunct Charterhill Group, headed by recently-banned accountant George Nowak, may have traded while insolvent. According to the recent report, Lending Solutions International, one of four companies that formed part of the defunct Charterhill Group, may have breached the law in this way, AccountantsDaily relates. "Our investigations indicate that the company may have traded whilst insolvent and, consequently, the director may be liable for the debts incurred during this period, which remain outstanding at the date of our appointment," the report, as cited by AccountantsDaily, said. "We note, however, that on July 2, 2014, the director filed a petition for his own bankruptcy and the trustee of his bankrupt estate advised that there is no likelihood of any dividend to unsecured creditors." According to a report by Heard Phillips in February 2014, Nova was "likely to be insolvent from at least July 2013," relays AccountantsDaily. The report stated that Mr. Nowak had embarked on a restructuring plan around May 2013 to secure fresh funding, AccountantsDaily relates. "By the end of 2013, the Charterhill group of companies was experiencing severe cash-flow problems and had insufficient working capital to implement a turnaround strategy, resulting in the collapse of numerous entities of the Charterhill group of companies," according to Heard Phillips' report obtained by AccountantsDaily. About Charterhill Adelaide-based Charterhill offered a range of services including real estate marketing, property management, mortgage broking, contract negotiation and SMSF advice. As reported in the Troubled Company Reporter-Asia Pacific on Feb. 7, 2014, following an application by the Australian Securities and Investment Commission, the Federal Court in Adelaide on Feb. 5, 2014, froze all assets owned or otherwise held by the founder of the Charterhill group of companies, George Nowak, and his wife, Betty Nowak. The court also ordered the surrender of Mr. and Mrs. Nowak's passports and restrained their travel out of Australia, as ASIC investigates the collapse of the Charterhill group, which specialises in assisting clients to invest in property through self-managed superannuation funds (SMSFs). ASIC's application was brought under section 1323 of the Corporations Act 2001 and followed steps taken by ASIC to secure Mr. Nowak's passport by agreement and to obtain an undertaking from him that he would not dispose of or otherwise deal with any assets. The following companies in the Charterhill Group have been placed under external control: * Lending Solutions International Pty Ltd -- liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips) * Nova Real Estate Pty Ltd -- external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips) * EJ Property Developments Pty Ltd -- receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners) * Financial Wellness Pty Ltd -- receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners). The four related companies owed $19.1 million when they entered insolvency in January/February 2014, AccountantsDaily discloses citing documents recently filed with ASIC. In total, only AUD89,000 of those debts has been recovered, or less than 0.5 cents in the dollar, AccountantsDaily says. Heard Phillips is also acting as liquidator for one of Charterhill's other companies, Nova Real Estate, which has also been the subject of insolvency concerns. CHARTERHILL GROUP: Founder Banned Until July 2017 ------------------------------------------------- The Australian Securities & Investments Commission has banned the founder of the Charterhill Group of Companies (Charterhill Group), George Nowak, from providing financial services until July 3, 2017, on the basis that Mr Nowak is an undischarged bankrupt. ASIC's investigation, which is ongoing, found that Mr Nowak applied for personal bankruptcy in July 2014. Section 920A(1)(bb) of the Corporations Act provides that ASIC may make a banning order against a person if the person becomes insolvent under administration. Mr Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. Mr Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period. ASIC is continuing to investigate the conduct of Mr Nowak and the activities of the Charterhill Group, which operated as a 'one stop shop,' providing advice to clients on the establishment of SMFS, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation. About Charterhill Adelaide-based Charterhill offered a range of services including real estate marketing, property management, mortgage broking, contract negotiation and SMSF advice. As reported in Troubled Company Reporter-Asia Pacific on Feb. 7, 2014, following an application by the Australian Securities and Investment Commission, the Federal Court in Adelaide on Feb. 5, 2014, froze all assets owned or otherwise held by the founder of the Charterhill group of companies, George Nowak, and his wife, Betty Nowak. The court also ordered the surrender of Mr. and Mrs. Nowak's passports and restrained their travel out of Australia, as ASIC investigates the collapse of the Charterhill group, which specialises in assisting clients to invest in property through self-managed superannuation funds (SMSFs). ASIC's application was brought under section 1323 of the Corporations Act 2001 and followed steps taken by ASIC to secure Mr. Nowak's passport by agreement and to obtain an undertaking from him that he would not dispose of or otherwise deal with any assets. The following companies in the Charterhill Group have been placed under external control: * Lending Solutions International Pty Ltd -- liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips) * Nova Real Estate Pty Ltd -- external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips) * EJ Property Developments Pty Ltd -- receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners) * Financial Wellness Pty Ltd -- receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners). The four related companies owed $19.1 million when they entered insolvency in January/February 2014, AccountantsDaily discloses citing documents recently filed with ASIC. In total, only AUD89,000 of those debts has been recovered, or less than 0.5 cents in the dollar, AccountantsDaily says. Heard Phillips is also acting as liquidator for one of Charterhill's other companies, Nova Real Estate, which has also been the subject of insolvency concerns. DUNFO CAPITAL: Fails to File Financial Reports; License Suspended ----------------------------------------------------------------- The Australian Securities & Investments Commission has suspended the Australian Financial Services (AFS) Licence of Dunfo Capital Pty Ltd (formerly GSM Financial Group Pty Ltd) for failing to comply with a number of key obligations as a licensee. Dunfo Capital was authorised under its AFS Licence to provide services including the operation of unregistered managed investment schemes and the provision of custodial or depository services to wholesale clients. ASIC was concerned that Dunfo Capital: * failed to lodge financial statements and auditor report for the financial year ended June 30, 2014, within the required timeframe; * failed to meet its Net Tangible Assets requirements; * failed to maintain the competence to provide financial Services; * failed to comply with the key person condition on its AFS Licence; and * did not advise ASIC of the above breaches within 10 business days. Dunfo Capital's AFS Licence was suspended until Aug. 31, 2015. The suspension of the AFS Licence is part of ASIC's ongoing efforts to improve standards across the financial services industry, including, the conduct of licensees that provide financial services to wholesale clients. ASIC may revoke the suspension in the event Dunfo Capital meet their legal obligations and licence conditions. Dunfo Capital has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. 'We strongly encourage all licensees to proactively report significant breaches to ASIC within 10 business days, as they are obligated to do.' ASIC Commissioner Greg Tanzer said. The type of regulatory response that ASIC takes in relation to a breach notification will depend on the particular circumstances, including, the steps taken by the licensee to identify and rectify the breach and the seriousness of the contravention and its consequences. HERITAGE HOTEL: Goes Into Receivership -------------------------------------- ABC News reports that the owner of a Rockhampton hotel that has gone into receivership in central Queensland says damage from Cyclone Marcia was the final straw. The Heritage Hotel served its last drinks March 13. Heritage owner Will Fowles said mounting debts were unsustainable and he blamed poor economic conditions, according to ABC News. The report notes that Will Cordwell, who owns the Ascot Hotel, said the industry was doing it tough. The report discloses that Mr. Cordwell said competition in the sector was fierce. "Four major hotels in Rockhampton are run by Woolworths and Coles, two each, then all the new hotels that have come along the waterfront have all got licenses," the report quoted Mr. Cordwell as saying. "There's more and more licenses handed out on a continual basis," Mr. Cordwell added. HI-FI: In Administration, Sold to New Owners -------------------------------------------- theMusic.com.au reports that beleaguered tri-city venues the Hi-Fi -- which last month were all placed into administration -- have been sold to new owners, it has been reported. A knowledgeable source told theMusic.com.au that staff have been called to attend a meeting March 17, at which further details will be made available. Regardless of the outcome of that meeting, the source said, the venues will deliver on their scheduled gig commitments, the report notes. However, a report from subscription paper The Music Network claims that administrator Simon Nelson, of Romanis Cant, had brokered a deal for the sale of the venues with Max Watt's Operating Pty Ltd following weeks of proposal considerations, theMusic.com.au discloses. Australian Securities & Investments Commission and Australian Business Register's records show that Max Watt's Operating Pty Ltd -- formerly Bar & Venue Operations Pty Ltd -- was registered on 5 February this year, with three separate three-year registrations taken out for the business names Max Watt's In Brisbane, Max Watt's In Sydney and Max Watt's In Melbourne. All three registrations have their address for service of documents listed as courtesy of PGP Consulting, 530 Collins Street, Melbourne -- PGP, like Romanis Cant, is an accounting consulting and advisory firm; however, it also lists an ostensibly residential address in the Melbourne suburb of Glen Iris as their principal location of business (even Brisbane and Sydney), the report says. MF GALLIANO: First Creditors' Meeting Slated For March 23 --------------------------------------------------------- Darren John Vardy of SVP was appointed as administrators of MF Galliano Pty Ltd on March 12, 2015. A first meeting of the creditors of the Company will be held at Level 2, 83-85 Market Street, in Wollongong, New South Wales, on March 23, 2015, at 12:00 p.m. SJR FARMS: First Creditors' Meeting Set For March 23 ---------------------------------------------------- Dino Travaglini and Bruno A Secatore of Cor Cordis Chartered Accountants were appointed as administrators of SJR Farms Pty Ltd on March 11, 2015. A first meeting of the creditors of the Company will be held at Cor Cordis Chartered Accountants, Level 8, 28 The Esplanade, in Perth, on March 23, 2015, at 11:00 a.m. SOUTHPORT LEAGUES: First Creditors' Meeting Set For March 23 ------------------------------------------------------------ Brent Kijurina and Richard Albarran of Hall Chadwick were appointed as administrators of Southport Leagues Club Limited on March 11, 2015. A first meeting of the creditors of the Company will be held at The Other Side Room, Vibe Hotel Gold Coast, 42 Ferny Avenue, Surfers Paradise, in Queensland, on March 23, 2015, at 10:00 a.m. TOWNSVILLE CROCODILES: Woes Spark Hopes of Financial Backing ------------------------------------------------------------ ABC News reports that Townsville's Mayor said there is not much the north Queensland council can do to financially support the embattled Townsville Crocodiles. The basketball club went into voluntary administration blaming a lack of clarity around the next National Basketball League (NBL) season for its decision, according to ABC News. The report notes that Mayor Jenny Hill said she hoped the community would rally around the Crocs and help provide some financial backing. "The Crocs are an institution, they've been here well over 20 years and I remember attending the very first Crocs' game here in the city when they were the Sun, so they've been a really big part of the community," the report quoted Mayor Hill as saying. Mayor Hill said funding for a new floor at the entertainment center could be at risk because of uncertainty around the team's future, the report relays. The report discloses that the council decided to bring forward the project last month on the condition the Crocs were registered as a team. The reports says that Mayor Hill said unless a decision on the team's future was made soon, the Crocs could miss out on having a new court. "Well we will be putting budgets together, if we don't receive any indication from the NBL that there's even going to be a comp, then that's something the council will consider as part of its budget deliberations," Ms. Hill added. ========= C H I N A ========= COUNTRY GARDEN: 2014 Results Support Ba2 CFR, Moody's Says ---------------------------------------------------------- Moody's Investors Service says that Country Garden Holdings Company Limited's full-year 2014 results are in line with its expectation and support its Ba2 corporate family rating and positive outlook. "Country Garden's 2014 results show improvement in its financial profile and support its positive rating outlook," says Franco Leung, a Moody's Vice President and Senior Analyst. Leung was speaking on the release of a new Moody's report on Country Garden, entitled "2014 Full-Year Results Highlight Improved Financial Profile". Country Garden's margins declined in line with the trend seen across China's property sector, reflecting rising land and construction costs relative to average selling prices. Its gross profit margin declined to 26.1% in 2014, from 30.3% in 2013 and 36.6% in 2012. The drop in its EBITDA margin -- 18.7% in 2014 from 21.8% in 2013 -- was smaller, largely because its selling, marketing and administrative expenses fell to about 8.9% of total revenue from 10.1% the previous year. Moody's expects the company's EBITDA margins will continue to trend down, although its cost control efforts should help slow the decline. The company achieved RMB128.8 billion in contracted sales in 2014, a 21.5% year-over-year increase compared to 136% in 2013, while maintaining its inventory at stable levels. Moody's expects its contracted sales growth to further slow in 2015, with the RMB135 billion target - if achieved -- representing 5% year-over-year growth. "Country Garden also managed down its debt leverage in 2014, despite an increase in gross debt, thanks to proactive management of its capital structure and business growth," adds Leung. Revenue to debt (including perpetual capital securities) and adjusted debt to capitalization improved to about 1.3x and 57.5% in 2014, from 1.1x and 59.9% in 2013, while its gross debt increased to RMB64.2 billion from RMB56.2 billion. Moody's expects Country Garden will keep its debt leverage under control, with revenue to debt remaining around 1.2x-1.3x over the next 12-18 months, which is comparable to its peers in the mid- to high-Ba rating range. While Country Garden continues its overseas expansion, with currently four projects in Malaysia and Australia, Moody's expects it will maintain its prudent expansion strategy. NEXTEER AUTOMOTIVE: 2014 Results Supports Moody's 'Ba1' CFR ----------------------------------------------------------- Moody's Investors Service said that Nexteer Automotive Group Limited's improved financial results for 2014 support its Ba1 corporate family rating and senior unsecured rating as well as the stable rating outlook. "Nexteer's posting of robust revenue growth and an improved EBITDA margin in 2014 exceeded our expectations, driven mainly by the ramping up of its newly launched electric power steering programs with better gross margin," says Chenyi Lu, a Moody's Vice President and Senior Analyst. "The company also achieved new customer and program wins in China, and made progress on cost cutting." Based on Nexteer's announcement, revenue grew 24.8% year-on-year to $2.98 billion in 2014 from $2.39 billion in 2013. The company's adjusted EBITDA margin also improved to 9.3% from 6.8%. Consequently, adjusted EBITDA increased by 70.7% year-on-year to $276 million from $161 million 2013. The increase in earnings led in turn to an improvement in Nexteer's financial leverage to 3.0x in 2014 from 4.2x in 2013, despite the rise in debt. Adjusted debt grew to $817 million at end-2014 from $673 million at end-2013, driven mainly by a bond issuance of $250 million in November 2014. However, this level of leverage is in line with its Ba1 rating. Moody's expects Nexteer's revenue to grow by high-single digits on an annual basis over the next 12-18 months, driven by the ramping up of its newly launched electric power steering programs this year and the last two years, and its growing customer base and new program wins in China. Moody's also expect its EBITDA margin to stay at current levels as Nexteer expands its scale of operations and continues with cost improvements to counter the effects of the price reductions demanded by auto manufacturers. Moody's expects Nexteer's adjusted debt/EBITDA to decline to 2.5x- 3.0x over the next 12-18 months, given the company's expected robust revenue growth and stable margins. Nexteer's liquidity position is adequate. The company had unrestricted cash of $380 million at end-2014, more than sufficient to cover capex of $175 million and short-term maturing debt of $97 million. The Ba1 corporate family rating incorporates a two-notch uplift based on Moody's expectation of strong support in times of financial distress, mainly from Aviation Industry Corporation of China (unrated), the ultimate owner of AVIC Automobile Industry Holding Co., Ltd. (unrated), which has a beneficial ownership of 34% in Nexteer. The principal methodology used in this rating was Global Automotive Supplier Industry published in May 2013. Headquartered in Saginaw, Michigan, and listed on the Hong Kong Stock Exchange in October 2013, Nexteer Automotive Group Limited manufactures steering and driveline systems. The company has 20 manufacturing plants located across North and South America, Europe and Asia. Nexteer is 67.3%-owned by Pacific Century Motors, Inc., which is in turn 51% owned by AVIC Automobile Industry Holding Co., Ltd. (AVIC Auto, unrated), and 49% owned by Beijing E-Town International Investment & Development Co. Ltd. (unrated), which is controlled by Beijing's municipal government, AVIC Auto is wholly owned by Aviation Industry Corporation of China (unrated), a Chinese central government-owned enterprise. ========= I N D I A ========= ADARSH SYNTHETICS: ICRA Rates INR5cr Fund Based Loan at B+ ---------------------------------------------------------- ICRA has assigned its long term rating of [ICRA]B+ on the INR5.0 crore fund based limits, INR2.0 crore term loans and INR3.0 crore un-allocated limits of Adarsh Synthetics Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based limits 5.0 [ICRA]B+; assigned Term Loans 2.0 [ICRA]B+; assigned Unallocated 3.0 [ICRA]B+; assigned The assigned ratings take into account promoter's experience and track record in manufacturing of woven fabrics and favorable location of its manufacturing facility facilitating availability of labor and raw material. The ratings are however constrained by ASPL's moderate operating profitability due to commoditized nature of its products and highly leveraged capital structure leading to modest debt coverage indicators. Synthetic fabric manufacturing is characterized by competition from large number of players in the Bhilwara market. Moreover, given the low entry barriers, ASPL's business is susceptible to new capacity additions in the industry. Going forward the rating would remain sensitive to the ability of the company to improve its profitability, debt coverage indicators and manage its working capital intensity. Incorporated in 1987, and promoted by Mr. Gopal Krishan Jhanwar, ASPL manufactures synthetic fabric in the plant situated in Bhilwara, Rajasthan. The company has 80 looms capable of manufacturing 36.47 Lakh Metre per annum. The company's has diversified mix of customers engaged in trading as well as clothing. Recent results: The company reported an operating income of INR37.53 crore and profit after tax of INR0.08 crore in FY2014 as compared to an operating income of INR32.97 crore and profit after tax of INR0.08 crore in FY2013. ARVEE ELECTRICALS: CARE Puts B+ Rating on INR1.5cr LT Bank Loan --------------------------------------------------------------- CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of Arvee Electricals and Engineers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 1.50 CARE B+ Assigned Short term Bank Facilities 10.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Arvee Electricals and Engineers Private Limited (AEEPL) are constrained on account of declining turnover, low profitability and high overall gearing along with elongated operating cycle. The ratings are further constrained on account of raw material price fluctuation risk and intense competition in the industry. The ratings, however, draw support from the long track record of the entity and experience of the promoters in the execution of transmission lines and substation projects. The ratings further draw support from healthy order book position of the company. The ability of the company to execute orders in a timely manner and efficient management of the working capital are the key rating sensitivities. AEEPL is a Pune-based company promoted by Mr Arun Doshi and his wife Mrs Asha Doshi in the year 1987. The company is a turnkey electrical contractor and handles turnkey contracts for sugar, cement, fertiliser, metallurgical plants and others. They provide services related to engineering, detailing, designing, production and commissioning of substations, transmission line set up for private organisations. AEEPL is also involved in the trading of electrical components like LT panels and electrical control boards (about 20% of the total operating income for FY14 -- refers to the period April 1 to March 31). AEEPL is ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:1999 certified company. During FY14, AEEPL earned a PAT of INR0.12 crore on a total income of INR28.56 crore as against a PAT of INR2.77 crore on a total income of INR49.37 crore in FY13. BHAGWATI LACTO: CARE Assigns B+ Rating to INR15cr LT Bank Loan -------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Bhagwati Lacto Foods Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 15 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Bhagwati Lacto Foods Private Limited (BPL) is primarily constrained by its modest scale of operations, low profitability margins and leveraged capital structure. The rating is further constrained by elongated collection period and its presence in a highly competitive and fragmented agro-processing business with a high level of government control. The rating, however, draws strength from the experienced promoters in the agro-processing industry and proximity of its processing unit to the paddy-growing areas. Going forward, BPL's ability to scale-up its operations while improving its profitability margins and capital structure along with effective working capital management would be the key rating sensitivities. Bhagwati Lacto Foods Private Limited (BPL) was incorporated in 2009 by Mr Kishan Kumar Mittal and Mr Rahul Mittal. They collectively look after the overall operations of the company. The company is engaged in trading and processing (milling) of paddy (rice) from 2013. Prior to this, the company had no commercial operations. The warehouse of the company was leased out to associate concern Bhagwati Lacto Vegetarian Exports Private Limited. The manufacturing unit is located at Ferozepur, Punjab with total installed capacity of 70,000 metric ton per annum (MTPA) as on March 31, 2014. BPL procures rice from local grain markets through dealers and agents mainly from the states of Punjab and Haryana. The company sells its products i e basmati and non-basmati rice in the states of Delhi and Haryana through a network of commission agents and traders. The company recently started exporting to Iran, Dubai, Qatar and Mauritius. For FY14 (refers to the period April 01 to March 31), BPL achieved a total operating income (TOI) of INR56.78 crore with net profit of INR0.44 crore, respectively as compared to a total operating income (TOI) of INR41.80 crore with net profit of INR0.31 crore, respectively for FY13. The company has achieved total income of INR161 crore till January 31, 2015. BHAYANA BUILDERS: CRISIL Rates INR250MM LT Bank Loan at B- ---------------------------------------------------------- CRISIL has revoked the suspension of its ratings on the bank facilities of Bhayana Builders Pvt Ltd (BBPL), and has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 300 CRISIL A4 (Assigned; Suspension Revoked) Cash Credit 110 CRISIL B-/Stable (Assigned; Suspension Revoked) Letter of Credit 50 CRISIL A4 (Assigned; Suspension Revoked) Proposed Long Term 250 CRISIL B-/Stable (Assigned; Bank Loan Facility Suspension Revoked) The rating was previously suspended by CRISIL vide the Rating Rationale dated November 28, 2014 since BBPL had not provided the necessary information required for a rating review. The company has now shared the requisite information, enabling CRISIL to assign a rating to the company's bank facilities. The ratings reflect BBPL's weak financial risk profile and its large working capital requirements due to high receivables. These rating weaknesses are partially offset by the extensive experience of BBPL's promoters in the civil construction industry and their established customer relationships. Outlook: Stable CRISIL believes that BBPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if company's financial risk profile, particularly its liquidity, improves most likely because of increase in cash accruals. Conversely, the outlook may be revised to 'Negative' in case of deterioration in business risk profile marked by decline in revenue or operating margins or due to increase in working capital requirements. BBPL was incorporated in 1979, promoted by Mr. Ramesh Bhayana along with his brother, Mr. Suresh Bhayana. The company provides turnkey construction services mainly civil works, erection, and commissioning of projects in the office space, infrastructure, real estate (commercial, residential), and industrial segments. Mr. Nitin Bhayana (son of Mr. Suresh Bhayana) and Mr. Vikas Bhayana (son of Mr. Ramesh Bhayana) currently oversee the day-to- day operations of the company. BIG TILES: ICRA Reaffirms B+ Rating on INR8.13cr Term Loan ---------------------------------------------------------- A rating of [ICRA]B+ has been reaffirmed to INR8.13 crore term loans and INR6.00 crore cash credit facility of Big Tiles. ICRA has also reaffirmed [ICRA]A4 rating to Rs.1.50 crore short-term non-fund based facilities of BT. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.00 [ICRA]B+ reaffirmed Term Loans 8.13 [ICRA]B+ reaffirmed Bank Guarantee 1.50 [ICRA]A4 reaffirmed The reaffirmation of ratings takes into account the modest scale of operations, high gearing and high dependence on creditors funding which has led to a high total outside liabilities. The rating is further constrained by highly competitive and fragmented nature of the industry as well as susceptibility of margins to raw material price volatility & increasing prices of gas, as it is the major source of fuel. . ICRA also notes the dependence of operations and cash flows of the company on the performance of the real estate industry which is the main consumer sector. Further, BT being a partnership firm, any significant withdrawals from the capital account would affect its net worth and thereby the gearing levels. The ratings however favorably considers the experience of the key promoters in the ceramic industry, location advantage enjoyed giving it easy access to raw material and improvement in profitability indicators on account of inhouse manufacturing of body clay which is one of the key ingredient in tile manufacturing resulting in lower raw material cost. Big Tiles (BT) is a wall tiles manufacturer with its plant situated at Morbi, Gujarat. The firm was established in 2008, while the firm commenced its operations in August 2009. BT is managed by Mr. Pankaj Marvaniya and other family members. The plant has an installed capacity to produce 40000 MTPA of ceramic wall tiles. BT currently manufactures wall tiles of size "18 X 12" and 24" X 12" with the current set of machineries at its production facilities. Recent Results For the year ended 31st March 2014, the company reported an operating income of Rs.31.64 crore and profit after tax of INR2.03 crore. CHIRAJ STOCK: CRISIL Reaffirms B Rating on INR17.5MM Cash Credit ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Chiraj Stock and Securities Pvt Ltd (CSSPL) continue to reflect CSSPL's weak financial risk profile, modest scale of operations in the highly fragmented construction industry, and small order book. These rating weaknesses are partially offset by the extensive industry experience of the company's promoters and the financial support it receives from them. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 80 CRISIL A4 (Reaffirmed) Cash Credit 17.5 CRISIL B/Stable (Reaffirmed) Letter of Credit 10 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes that CSSPL will continue to benefit over the medium term from the industry experience of its promoters. Its financial risk profile is, however, expected to be constrained, with high gearing, a small net worth, and net losses. The outlook may be revised to 'Positive' if the company's scale of operations increases, and if its capital structure improves, most likely because of capital infusion by its promoters. Conversely, the outlook may be revised to 'Negative' if CSSPL's financial risk profile deteriorates further due to a significant decline in its revenue or/and profitability, or any debt-funded capital expenditure. CSSPL, incorporated in 1994, is a part of the Kanoria group. The company undertakes civil construction; it started operations in 2009. CONSOLIDATED CONSTRUCTION: CARE Rates INR1,253.25cr LT Loan at D ---------------------------------------------------------------- CARE assigns 'CARE D' rating to bank facilities of Consolidated Construction Consortium Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 1,253.25 CARE D Assigned Short term Bank Facilities 876.60 CARE D Assigned Rating Rationale The ratings assigned to the bank facilities for Consolidated Construction Consortium Limited (CCCL) factor in the delays in debt servicing on account of weak liquidity position. CCCL was incorporated in 1997 by first-generation entrepreneurs Mr. R. Sarabeswar, Mr. S. Sivaramakrishnan and Mr. V G Janarthanam. CCCL is primarily engaged in construction activities in commercial, infrastructure, industrial and residential domain. CCCL has established few subsidiaries, namely, Consolidated Interiors Limited (interior contracts and fit out services), Noble Consolidated Glazing Ltd (Glazing Services) and CCCL Power Infrastructure Ltd (BOP Orders for Power Projects and food processing). During FY14, CCCL registered net loss of INR224 crore on a total income of INR884 crore. For 9-month period ended December 31, 2014, the company registered net loss of INR119 crore on a total operating income of INR524 crore. FOREVER GREEN: ICRA Puts SP 4E Grading on Poor Financial Strength ----------------------------------------------------------------- ICRA has assigned 'SP 4E' grading to Forever Green Solar (FGS), indicating 'Weak Performance Capability' and 'Poor Financial Strength' of the channel partner to undertake off-grid solar projects. The grading is valid until Feb. 25, 2017 after which it will be kept under surveillance. Grading Drivers Strengths Satisfactory feedback from suppliers on involvement and information flow Positive outlook and growth prospects for solar industry assisted by favourable government policies Risk Factors Limited track record of promoters in solar power installations as EPC in off-grid and on-grid segment with firm starting operations from December 2014 Small order book of 300 KWp to be completed over a period of 4 months providing revenue visibility in the near term Moderate technical competence and adequacy of the manpower for current scale of operations Large number of organized and unorganized players in solar PV space indicating high level of competition leading to pressure on margins Low net worth of the promoters of Rs 5.87 crore. SI Related Business - Weak Performance Capability Promoter's Track Record: Mr. K. Srikanth, managing partner, is an electrical engineer and has an experience of over 10 years in electrical installations and civil construction projects. He has ventured in-to solar power business in December 2014 and FGS proposes to be a system integrator and EPC for both on-grid connected and off-grid projects; they have work orders for 4 projects in hand for installing solar PV system of 300 KWp to be completed over a period of 4 months. Technical competence and adequacy of manpower: FGS has a 10 member technical team having an experience of 3-5 years including sales managers, site engineers, site supervisors, and quality engineers. All members of the team hold technical degrees or diplomas and are adequate for the limited scale of current operations. Quality of suppliers and tie ups: FGS has tied up to procure materials such as SPV modules, module mounting structures, batteries from local suppliers like Vega Solar Energy Pvt.Ltd., Refusol invertors, Pranitha Techno Fabs etc. As per the feedback from the suppliers, they are satisfied with the involvement, information flow of FGS. Customer and O&M Network: FGS is yet to commence the solar power PV installations and hence no feedback was available. FGS do not have any O & M arrangements for its customers as on date and it plans to open service centers with increase in scale of operations. Financial Strength - Poor Revenues: Nil; operations started only in December 2014 Return on Capital Employed (RoCE): Nil Total Outside Liabilities/Tangible Net worth: Nil Interest Coverage Ratio: Nil Net-Worth Net worth of the FGS and its promoters is Rs 5.87 crore Current Ratio: Nil Relationship with bankers: Bankers are satisfied with the company The overall financial profile of the company is Poor. GLOBAL FOODS: CRISIL Assigns B Rating to INR90MM Term Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-term bank facility of Global Foods- Nagpur (GF). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 90 CRISIL B/Stable The rating reflects the firm's exposure to risks related to implementation of, and demand for, its ongoing cold storage and frozen food processing project. The rating also reflects GF's expected modest scale of operations and average financial risk profile due to start-up stage of operations. These rating weaknesses are partially offset by its promoters' extensive entrepreneurial experience and their committed funding support. Outlook: Stable CRISIL believes that GF will benefit from its promoters' extensive entrepreneurial experience and their committed funding support over the medium term. The outlook may be revised to 'Positive', in case of timely completion of its project within budgeted cost and subsequent significant ramp-up in sales, leading to higher cash accruals. . Conversely, the outlook may be revised to 'Negative' in case GF faces time or cost overrun in the implementation of its project or delay in stabilization of operations. GF was set up in 2014 as a partnership firm in Nagpur (Maharashtra) for setting up a cold storage and frozen food processing unit for various vegetables, fruits and spices. Mr. Ritesh Chelani, Mr. Umesh Jagwani, Mr. Akash Satija, Mr. Kamlesh Tejwani, Mr. Niyaz Ahmed and Mr. Aqeel Ahmed are the partners of the firm. GUJARAT STEEL: CARE Reaffirms B+/A4 Rating on INR24cr Bank Loan --------------------------------------------------------------- CARE reaffirms ratings assigned to bank facilities of Gujarat Steel & Pipes. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ Short-term 24 CARE B+/CARE A4 Bank Facilities Reaffirmed In case of partnership concerns, the rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings of Gujarat Steel and Pipes (GSP) continue to be constrained by the firm's modest scale of operations along with its low capitalization, high leverage, thin profitability and its constitution as a partnership firm. The ratings are also constrained by the high working capital intensity of its operations along with its presence in the highly competitive steel trading segment. The ratings, however, continue to derive strength from the partners' vast experience in the steel trading and distribution business and long track record of the firm as a distributor of long steel products of Rashtriya Ispat Nigam Limited (RINL) in the state of Gujarat. The ability of GSP to increase its scale of operations along with improvement in its profitability and capital structure would be the key rating sensitivities. Incorporated as a partnership firm in Ahmedabad in 1983, GSP was promoted by Mr Rajnikant P Shah and is engaged in the trading of primarily long steel products like rounds, billets, angles, beams, bloom, channel, pipes, sheets, plates, tee, TMT Bars and wires. The firm is one of the authorized distributors for billets and rounds in the Gujarat region for RINL. Based on FY14 (refers to the period April 1 to March 31) audited results, GSP reported a total operating income of INR 156.62 crore (INR159.74 crore in FY13) with a PAT of INR 0.61 crore (INR0.66 crore in FY13). GURULAXMI COTTEX: CARE Ups Rating on INR36.13cr Loan From B+ ------------------------------------------------------------ CARE revises/reaffirms the ratings assigned to the bank facilities of Gurulaxmi Cottex Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 36.13 CARE BB- Revised from CARE B+ Short-term Bank Facilities 3.50 CARE A4 Reaffirmed Rating Rationale The revision in the long-term rating assigned to the bank facilities of Gurulaxmi Cottex Private Limited (GCPL) factors in the stabilisation scale of operations during FY14 (refers to the period April 1 to March 31) been the first full year of commercial operations, infusion of equity capital to the tune of INR1.67 crore to fund the increasing scale of operation. The ratings continue to derive strength from the strategic location of the manufacturing unit with proximity to raw material source. The ratings, however, continue to be constrained by the short track record and limited experience of promoters in the spinning business, seasonal availibity of raw material (raw cotton) and associated volatility in raw material prices, working capital intensive nature of operations and presence in a highly fragmented spinning sector. Going forward, the ability of GCPL to improve its scale of operations, maintain the profitability margins along-with effective management of working capital are the key rating sensitivities. Gurulaxmi Cottex Private Limited (GCPL) promoted by the Lakhani family, was incorporated in June 2010 as private limited company and commenced its operation in September 2012 from its manufacturing facilities based out of Yavatmal (Maharashtra). GCPL is engaged in the cotton spinning with an installed capacity of 8640 spindles for manufacturing thin yarn of 24 count and 8640 spindles for manufacturing of thick yarn of 18 count. GCPL procure raw cotton from farmers and then processes the raw cotton to cotton bales. Currently, GCPL operations are managed by Mr Pradip Lakhani, Mrs Laxmikant Pradip Lakhani, Mr Sumit Lakhani and Mr Sagar Lakhani in the strength of Directors. During FY14 (Audited), GCPL reported total operating income of INR103.70 crore, PBILDT of INR9.62 crore and PAT of INR0.83 crore as against total operating income of INR32.62 crore, PBILDT of INR6.50 crore and PAT of INR0.18 crore in FY13 (Audited). I-RED CONCRETE: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan --------------------------------------------------------------- CRISIL's rating on the long-term bank facility of I-Red Concrete & Allied Construction Pvt Ltd (I-Red; part of the I-Red group) continues to reflect the I-Red group's susceptibility to implementation and offtake risks associated with its ongoing and proposed projects, and its relatively modest scale of operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 12 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the experience of the group's promoters in real estate development and the group's demonstrated project-execution capabilities. For arriving at its rating, CRISIL has combined the business and financial risk profiles of I-Red, Concrete & Allied Enterprise (CAE), and Retreat Construction & Housing Pvt Ltd (RCPL). This is because the three entities, together referred to as the I-Red group, are engaged in the same line of business and have operational linkages and fungible cash flows. Outlook: Stable CRISIL believes that the I-Red group will continue to benefit over the medium term from its demonstrated project-execution capabilities and its promoters' extensive experience in the real estate segment. The outlook may be revised to 'Positive' if the group achieves substantial customer bookings at better prices for its ongoing and proposed projects, leading to large cash inflows. Conversely, the outlook may be revised to 'Negative' if the group's financial risk profile weakens, most likely because of time or cost overrun and considerable debt contracted for funding projects. The I-Red group develops real estate projects in West Bengal. Its day-to-day operations are managed by Mr. Dipak Kumar Kolay and Mr. Sudipta Kolay. I-Red has completed development of two residential projects in Howrah and Kharagpur (West Bengal). JALDHARA GINNING: ICRA Assigns B Rating to INR6.5cr Cash Credit --------------------------------------------------------------- The long-term rating of [ICRA]B has been assigned to the INR6.50 crore cash credit facility and the INR1.68 crore term loan facility of Jaldhara Ginning Factory. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.50 [ICRA]B; assigned Term Loan 1.68 [ICRA]B; assigned The assigned ratings are constrained by risk associated with stabilization of plant and possible stress on debt servicing ability in case ramp up of cash flows is lower than anticipated. The ratings are further constrained by highly competitive and fragmented industry structure owing to low entry barriers which is expected to keep margins under pressure and vulnerability of the firm's profitability to the adverse fluctuations in raw cotton prices, which are subject to seasonality and crop harvest. ICRA also notes that JGF is a partnership concern and any substantial withdrawal from capital account in future could adversely impact the credit profile of the firm. The ratings, however, favourably take into account thepast experience of the promoters in the cotton industry and the favorable location of the firm's manufacturing facility in Botad giving easy access to raw material. Established in January 2014, Jaldhara Ginning Factory has set up a cotton ginning and pressing facility at Botad in Gujarat. The plant is equipped with 24 ginning machines and 1 pressing machine with a manufacturing capacity of 400 bales per day. JAY BHAVANI: CRISIL Assigns B+ Rating to INR65MM Cash Credit ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facility of Jay Bhavani Ginning Pressing and Oil Industries (JBGPOI). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B+/Stable The rating reflects JBPOI's weak financial risk profile, marked by modest net worth and high gearing, and its modest scale of operations in the intensely competitive cotton ginning industry. These rating weaknesses are partially offset by the extensive industry experience of the firm's promoters and the advantages it derives from the proximity of its unit to the cotton-growing belt in Gujarat. Outlook: Stable CRISIL believes that JBGPOI will continue to benefit over the medium term from its promoters' extensive experience in the cotton industry. The outlook may be revised to 'Positive' if the firm scales up its operations and achieves substantial accruals, or if its capital structure improves through capital infusion. Conversely, the outlook may be revised to 'Negative' if JBGPOI's financial risk profile deteriorates, most likely because of increased working capital borrowings or large debt-funded capital expenditure, or if its operations are negatively impacted by any change in government policies. Established in 2003, JBGPOI gins and presses cotton and extracts cotton seed oil. It has manufacturing capacity of 200 bales per day at Morbi (Gujarat). Its day-to-day operations are managed by Mr. Jatin J Khakkar. JBGPOI reported profit after tax (PAT) of INR2.20 million on operating income of INR290 million for 2013-14 (refers to financial year, April 1 to March 31), against PAT of INR2.80 million on operating income of INR259 million for 2012-13. KALYAN METRO: CRISIL Reaffirms B- Rating on INR76.8MM LT Loan ------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Kalyan Metro Multispeciality Hospital Pvt Ltd (KMMHPL) continues to reflect KMMHPL's modest scale and limited track record of operations, and its weak financial risk profile, marked by a small net worth, high gearing, and subdued debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Corporate Loan 10 CRISIL B-/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 76.8 CRISIL B-/Stable (Reaffirmed) Term Loan 63.2 CRISIL B-/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience the company's promoters in the healthcare industry, and its established name in Kalyan (Maharashtra). Outlook: Stable CRISIL believes that KMMHPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if there is substantial and sustained improvement in the company's scale of operations and profitability, or if the promoters infuse significant equity, thus strengthening its capital structure and liquidity. Conversely, the outlook may be revised to 'Negative' if KMMHPL undertakes aggressive debt-funded expansions, or its working capital management deteriorates, thereby further pressurising its liquidity. Update Due to its initial phase of operations, which resulted in modest occupancy levels, KMMHPL's turnover was subdued at INR37.5 million, while it registered a net loss, in 2013-14 (refers to financial year, April 1 to March 31). CRISIL believes that with the increase in occupancy rate and stable demand for healthcare facilities in the region, KMMHPL will break even within the next two financial years. Due to losses and small scale of operations, KMMHPL's financial risk profile was weak with a net worth of INR15.8 million and gearing of 5.5 times as on March 31, 2014. Its debt protection metrics were also subdued with interest coverage and net cash accruals to total debt ratios at 1.4 times and 0.06 times, respectively, for the year ended March 31, 2014. With its scale of operations and overall profitability remaining subdued, the company's financial risk profile is expected to remain weak over the medium term. KMMHPL has high repayment obligations of INR11.8 million in 2014- 15 and 2015-16; in the absence of adequate accruals, the company has been servicing its debt in a timely manner through promoters' funding support. CRISIL believes that the management of liquidity will remain a key rating sensitivity factor over the medium term. KMMHPL reported a net loss of INR4.2 million on net sales of INR37.5 million for 2013-14, as against a net loss of INR6.4 million on net sales of INR6.8 million for 2012-13. KMMHPL, incorporated in 2010, runs a 50-bed multi-speciality hospital in Kalyan. The company is promoted by Dr. Chandrakant D Shivsharan (laparoscopic surgeon), Dr. Pravin P Bhujbal, Dr. Pradeep B Shelar, Dr. Bhavesh J Chauhan, Dr. Umesh V Kapuskar, Dr. Chandan R Singh, and Dr. Rajesh Pastaria. KAPOOR OIL: ICRA Reaffirms B Rating on INR6cr Cash Credit --------------------------------------------------------- ICRA has reaffirmed the [ICRA]B rating to the INR6.00 crore cash credit facility and INR1.40 crore term loan facility of Kapoor Oil Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based-Term Loan 1.40 [ICRA]B; reaffirmed Fund based-Cash Credits 6.00 [ICRA]B; reaffirmed The reaffirmation of rating takes a note of Kapoor Oil Industries' (KOI) modest scale of operations and financial profile characterized by weak debt coverage indicators, high gearing and stretched liquidity position due to high inventory holding. ICRA also takes note of the highly competitive and fragmented industry structure with the limited value additive nature of operations, which leads to pressure on profitability. The rating further incorporates the vulnerability to adverse movements in agricultural produce prices as is apparent in the recent drop in cotton prices on account of reduced imports by China and slow demand from spinning mills against anticipated high production. Also, being a partnership firm, substantial withdrawals by the partners can have an adverse impact on capital structure of the firm. The rating, however, favourably considers the long experience of the promoters in the cotton industry as well as the location of the company, giving it easy access to high quality raw cotton. It also considers the forward integration in crushing facilities providing additional revenues and diversification and the rise in operating income in FY14 driven by increased volume and realization. Kapoor Oil Industries was established on 4th July 2006 as a partnership firm to engage in the business of crushing cottonseeds. In FY13, the firm has diversified its operation by entering into the ginning and pressing segment to produce cotton bales and cottonseeds. The manufacturing unit located at Vijapur, Gujarat is equipped with 14 jumbo ginning machines, one pressing machine and four expellers. It has an installed capacity to produce 145 cotton bales and 4 MT of cottonseed oil per day (24 hours operation). Six partners namely Mr. Amrutbhai Patel, Mr. Dahyabhai Patel, Mr. Chunilal Patel, Mr. Rameshbhai Patel, Mr. Rashikbhai Patel and Mr. Popatbhai Patel manage the operations of the firm. Recent Results In FY14, KOI reported an operating income of INR23.33 crore and net profit of INR0.29 crore. LOGON INDIA: CRISIL Reaffirms B Rating on INR80MM Secured Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Logon India Infrastructure Pvt Ltd (Logon) continue to reflect the company's modest scale of operations in the intensely competitive civil construction segment and its below-average financial risk profile marked by a weak capital structure. These rating weaknesses are partially offset by the extensive industry experience of Logon's management in the civil construction industry and its healthy order book. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 200 CRISIL A4 (Reaffirmed) Secured Overdraft 80 CRISIL B/Stable (Reaffirmed) Facility Outlook: Stable CRISIL believes that Logon will benefit over the medium term from its management's industry experience, which will support the company's project-execution capabilities, and its healthy order book, which provides the company with revenue visibility. The outlook may be revised to 'Positive' if the company improves its scale of operations and operating profitability on a sustained basis, leading to improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' in case of weakening in Logon's relationship with its key clients or delays in project execution leading to lower-than-expected revenue growth. The outlook may also be revised to 'Negative' if the company undertakes any debt-funded capital expenditure programme, or if its receivables are further stretched, resulting in deterioration of its financial risk profile. Established in 2011, Logon undertakes civil construction of warehouses, residential projects, and roads for various infrastructure companies on a sub-contract basis. The company is promoted by Mr. Daljit Singh Chadda and Mr. P Swaminathan. LOTUS FABRICS: CARE Assigns B+ Rating to INR2.83cr LT Bank Loan --------------------------------------------------------------- CARE assigns 'CARE B+' ratings to the bank facilities of Lotus Fabrics. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 2.83 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of M/s Lotus Fabrics is constrained by sole proprietorship nature of business, small scale of operations, customer concentration risk and modest leverage ratios and debt coverage matrices. The rating, however, derives strength from the promoters' linkage to Donear Industries Limited (DIL), experience in the textile (suiting and shirting) industry, growth in the total operating income and improvement in the operating profit margins since commencement of operations in FY11 (refers to the period April 1 and March 31) and satisfactory working capital cycle. The ability of the firm to sustain its profitability margins amidst inherent volatility in revenue streams and managing growth in scale of operations successfully in the forthcoming years are the key rating sensitivities. Incorporated in June 2010 and promoted by Mrs Uma Devi Agarwal who has an experience of more than a decade in the textile sector, M/s Lotus Fabrics is a sole proprietorship concern. The firm has its manufacturing unit at Surat in Gujarat and as on March 31, 2014, had a capacity of 16 looms and is engaged in the weaving of man- made fabric. The proprietor is ably supported by a team of experienced professionals who look after the day-to-day operations at the firm. Also, M/s Lotus Fabrics is a group concern of Donear Industries Limited, which is engaged in the manufacture of cotton and synthetic apparel fabrics and Ready Made Garments (RMG) sold under the brand name of DONEAR-NXG. The company achieved a total operating income of INR1 crore in FY14 as compared with INR0.84 crore in FY13. MANJEERA PROJECTS: ICRA Suspends B+ Rating on INR35cr Bank Loan --------------------------------------------------------------- ICRA has suspended the long term rating of [ICRA]B+ assigned to INR35.00 crore bank facilities of Manjeera Projects. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. MANJEERA RETAIL: ICRA Ups Rating on INR300cr Term Loan to B+ ------------------------------------------------------------ ICRA has upgraded the long term rating for INR314.00 crore fund based limits of Manjeera Retail Holdings Private Limited to [ICRA]B+ from [ICRA]B earlier. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 300.00 Upgraded to [ICRA]B+ from [ICRA]B Unallocated 14.00 Upgraded to [ICRA]B+ from [ICRA]B The rating revision takes into account creation of DSRA of 3 months and refinancing of the earlier LRD loans taken for Manjeera Trinity Mall. Longer tenor of the current LRD loan and reduced interest rates has resulted in lower debt servicing burden and the rental income from the mall would be sufficient to take care of the debt repayments. Further, 3 out of the 4 projects being taken up are complete and the 4th one is due for completion in March 2014, limiting execution and funding risks. ICRA continues to draw comfort from long standing experience of the promoters in real estate industry. The rating however, continues to remain constrained by high market risk associated with the MTC complex (commercial project) which has achieved only 6% bookings till date; MTC was initially scheduled for completion in March 2011 and subsequently March 2013 but the completion of the complex has been delayed further by around a year owing to the bifurcation of the State of Andhra Pradesh. Given the low marketing success achieved so far, MRHPL intends to first lease out the property and then sell it. The construction loans taken for MTC have been rescheduled and repayment for the same would commence in October 2015. MRHPL has also a mortgage loan of INR50 crore which is due for repayment in October 2014. Getting additional tenants into the shopping mall would be critical so that the mortgage loan can be converted into a lease rental discounting loan. Manjeera Retail Holdings Private Limited is a special purpose vehicle created in 2007 for the development of 2.075 million sft mixed use real estate development at Kukatpally, Hyderabad. Manjeera Majestic Homes (residential) - 0.35 million sft; Manjeera Majestic Commercial (retail cum office) - 0.33 million sft; Manjeera Trinity Mall (cum multiplex) - 0.45 million sft and Manjeera Trinity Corporate (office) - 0.95 million sft under JDA with APHB (Andhra Pradesh Housing Board) with a revenue sharing agreement (5%). The entire development is spread across 8.295 acres. MINERVA POULTRY: CARE Upgrades Rating on INR6.82cr LT Loan to B --------------------------------------------------------------- CARE revises the rating assigned to the bank facilities of Minerva Poultry Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 6.82 CARE B Revised from CARE D Rating Rationale The revision in the rating for the bank facilities of Minerva Poultry Pvt. Ltd. (MPPL) takes into cognizance the regular servicing of its account. However, the rating continued to remain constrained by its small size of operations, vulnerability of profit margin to poultry feed price movements, its working capital-intensive nature of operations and presence in a highly competitive and fragmented nature of industry. These factors far outweigh the benefits derived from the rich experience of the promoters with long track record of operation and favourable demand prospects for poultry sector across India. The ability of the company to increase its scale of operations with improvement in profit levels and margins and effective management of the working capital would be the key rating sensitivities. MPPL, incorporated in December 02, 1991, was promoted by Meher family of Bolangir (Odisha). The company is engaged in the business of sale of layer birds and eggs. MPPL started as a poultry farm in December 1991 and commenced commercial production in the year 1993. It has its unit located at Bhadrapali, Dist Bolangir (Odisha) with a present capacity of 3.0 lakh layer birds with per bird producing around 300 eggs (approximately) yearly. MPPL is basically a family-managed business with Mr Dinesh Meher (B.com), aged 43 years, managing director, being at the helm of affairs. He has an experience of around two decades in this trade. The day-to-day affairs of the company are looked after by him, with adequate support from his co-director, Mr Brijesh Meher [younger brother of Mr Dinesh Meher, (MBA), aged 35 years] having an experience of over 10 years. During FY14 (refers to the period April 1 to March 31), the company reported a total operating income of INR11.6 crore (FY13: INR9.1 crore) and a net loss of INR0.1 crore (FY13: net profit of INR0.2 crore). MURLI REALTORS: CRISIL Reaffirms B- Rating on INR160MM Loan ----------------------------------------------------------- CRISIL has revised its rating outlook on the long-term bank facilities of Murli Realtors Pvt Ltd (MRPL) to 'Stable' from 'Negative' while reaffirming the rating at 'CRISIL B-'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 160 CRISIL B-/Stable The outlook revision follows CRISIL's belief that MRPL's liquidity will improve marginally over the near to medium term backed by expected steady rental inflows. Steady occupancy of over 61 per cent of the leasable area of its property and strong counterparties is also expected to ensure timely rental receipts for MRPL. CRISIL believes that MRPL will achieve increased occupancy for its remaining leasable area and maintain its improved liquidity over the medium term. The rating reflects customer and geographic concentration in MRPL's revenue profile and the company's susceptibility to cyclical demand in the real estate segment and its tightly matched rental inflows with maturing debt repayments. These rating weaknesses are partly offset by the proximity of MRPL's property to Pune's prime locations and the company's moderate financial risk profile. Outlook: Stable CRISIL believes that MRPL will benefit over the medium term from the prime location of its property.The outlook may be revised to 'Positive' in case of significantly large accruals, most likely driven by increased occupancy at its property. Conversely, the outlook may be revised to 'Negative' in case of a decline in occupancy levels most likely because of unexpected termination of existing leases at its property. MRPL was set up in 1995. The company owns a single building (classified for commercial use), Manikchand Ikon, in one of Pune's prime locations, Dhole Patil Road. The building project was executed by the Mantri group. MRPL was taken over by the Manikchand group (promoters of Dhariwal Industries Ltd) from the Mantri group after the building was constructed. Of the total leasable area of 259,000 square feet (sq ft), MRPL has leased 158,000 sq ft. The property has five tenants: Tech Mahindra Ltd, Neilsoft Ltd, Resilinc Solution Pvt Ltd, Axis Bank Ltd and TRIPLAN India Pvt Ltd. MRPL reported, on a provisional basis, a profit after tax (PAT) of INR27.2 million on net sales of INR109.0 million for 2013-14 (refers to financial year, April 1 to March 31), vis-a-vis a PAT of INR45.1 million on net sales of INR141.06 million for 2012-13. OM KAILASH: CARE Lowers Rating on INR9cr LT Bank Loan to 'D' ------------------------------------------------------------ CARE revises the rating assigned to bank facilities of Om Kailash Cotton. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 9 CARE D Revised from CARE B+ Rating Rationale The revision in the rating assigned to the bank facilities of Om Kailash Cotton (OKC) is primarily because the account has turned NPA due to default in its debt servicing. OKC was constituted as a partnership firm in 2006 by the key partners Mr Madhavji S Zanzarukiya, Mrs Prabha M Zanzarukiya and Mr Manish M Zanzarukiya to undertake business of ginning & pressing of raw cotton and trading of cotton bales/seeds. OKC deals in 'Shankar 6' type of cotton which is being sourced through local farmers from Gujarat. OKC operates through its sole processing unit located in Botad (Gujarat) and has 24 ginning machines and one pressing machine to process raw cotton which enables it to produce 300 processed cotton bales per day (1 bale is approximately 170 Kg). OKC also has associate firms namely Madhav Cotton Ginning & Pressing Factory (MCGPL - rated CARE B+) and Bhavani Cotton Company (BCC) which are engaged in the same line of business. During FY14 (Provisional), OKC reported a PBT of INR0.29 crore on a total operating income (TOI) of INR103.97 crore as against a PAT of INR0.10 crore on a TOI of INR90.84 crore in FY13. OMNIFRESH AGRO: CARE Assigns B+ Rating to INR9cr LT Bank Loan ------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Omnifresh Agro. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 9 CARE B+ Assigned The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Omnifresh Agro (OMNI) is constrained on account of debt funded nature of the project with project stabilisation risk, and competition from other local players. The rating is further constrained on account of seasonality of business with susceptibility to vagaries of nature coupled with price volatility of traded goods and partnership nature of the constitution. The rating, however, draws support from experience of the partners in the trading of agricultural produce. Successful completion of its debt funded capex and stabilising its operations to achieve envisaged level of sale and profitability is the key rating sensitivity. Nagpur-based, OMNI was established in 2012 as a partnership firm by Mr Shankarlal Thakkar and Mr Dhiraj Karamchandani. OMNI will provide cold storage facilities for both fruits and vegetables including product range of onions, lemons, cauliflowers, grapes, pomegranates, apple, mango etc. The firm will have one central processing/distribution hub consisting of a multi chambered and multi commodity cold storage having a capacity of around 4,000 Metric tones (MT), pre cooling chambers, air cooled grading, sorting & packaging hall for handling of raw material for storage and two refrigerated vehicles of 10 MT capacities each. Apart from this, the firm is also developing three collection centres consisting of shed and platform for aggregation of produce from farm and electronic weighing scales. Furthermore, the firm is planning to collect fruits and vegetables directly from the farmers and will target organised retail chains, hotels, caterers and wholesalers. OMNI is in the process of setting up the cold storage at a cost of INR19.62 crore. Till January 15, 2015, 60% (Rs.11.81 crore) of the project cost had been incurred, which was funded by partners' capital of INR4.62 crore and term loan of INR7.20 crore. PARIKH INVESTMENT: CRISIL Reaffirms B+ Rating on INR200MM Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Parikh Investment and Development Pvt Ltd (PIDPL) continue to reflect the company's exposure to the risk related to the funding and saleability associated with its ongoing project. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 200 CRISIL B+/Stable (Reaffirmed) The ratings also factor in PDIPL's vulnerability to the cyclicality inherent in the Indian real estate sector. These rating weaknesses are partially offset by the extensive experience of PIDPL's promoters in the real estate sector and its brand presence in the region. Outlook: Stable CRISIL believes that PIDPL will continue to benefit over the medium term from the promoters' extensive experience in the real estate sector. The outlook may be revised to 'Positive' if the company reports better-than-expected bookings of units, along with receipt of customer advances, resulting in improvement in liquidity. Conversely, the outlook may be revised to 'Negative' if PIDPL reports lower-than-expected customer bookings, leading to lower-than-anticipated cash inflows and resulting in deterioration in its financial risk profile, especially its liquidity. PIDPL was founded as a private limited company in 1988 by Mumbai- based Parikh group. The company develops and sells residential and commercial real estate projects, primarily in Malad (Mumbai, Maharashtra) and Virar (Thane, Maharashtra). PIDPL is undertaking development of residential real estate project Paradise Tower in Virar (Maharashtra). PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR95MM Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Partap Industrial Products (Partap) continue to reflect the firm's small scale of operations in the highly fragmented metal wire industry, and the susceptibility of the firm's margins to volatility in raw material prices. It is also constrained by the firm's small net worth and weak debt protection measures. These rating weaknesses are partially offset by the extensive industry experience of Partap's partners. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Reassigned) Cash Credit 95 CRISIL B+/Stable (Reaffirmed) Proposed Long Term 8 CRISIL B+/Stable (Reaffirmed) Bank Loan Facility Term Loan 2 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that Partap will continue to benefit over the medium term from its partners' extensive industry experience. The outlook may be revised to 'Positive' if the firm registers higher- than-expected sales, and improves its financial risk profile because of improvement in its profitability and capital structure. Conversely, the outlook may be revised to 'Negative' if Partap's financial risk profile weakens, most likely because of low profitability, larger-than-expected working capital requirements, or large debt-funded capital expenditure. Any capital withdrawal by the partners, weakening the firm's financial risk profile, could also result in a 'Negative' outlook revision. Partap was set up as a partnership firm in 2008 by Mr. Bharat Bhushan and Mr. Sunny Mahajan. The firm manufactures steel wires, galvanised iron wires, wire mesh, and barbed wires at its manufacturing facility in Kangra (Himachal Pradesh). PAYAL PETROPACK: ICRA Reaffirms B+ Rating on INR8cr Cash Credit --------------------------------------------------------------- ICRA has reaffirmed its long-term rating of [ICRA]B+ on the INR8 crore cash credit facility and its short term rating of [ICRA]A4 on the INR28 crore short term non fund based facility of Payal Petropack Private Limited (PPPL). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits- 8.00 [ICRA]B+; reaffirmed Cash Credit Non Fund Based 28.00 [ICRA]A4; reaffirmed Limits-Letter of Credit Non Fund Based (15.00) [ICRA]A4; reaffirmed Limits-(Buyer's Credit) Sublimit The ratings reaffirmation factors in the de-growth in the revenues of the company in 2013-14 (Operating income declined to INR107.20 crore in 2013-14 from INR120.63 crore in 2012-13) attributable to the fluctuations in foreign exchange rates and decline in trading activity of the company; however, the demand outlook for plasticizers remains favourable across a diverse set of end user industries such as footwear, cables, leather, paint etc. The ratings continue to be constrained by the intense competition in the poly-vinyl chloride (PVC) plasticizer industry from the organised as well as unorganised sector; low bargaining power with suppliers; vulnerability of profitability to fluctuations in commodity prices and to foreign currency fluctuations. The ratings further take into account the weak financial profile of the company characterised by weak return and coverage indicators with ROCE of 13.61%, interest coverage of 1.23 times and TD/OBDITA of 4.99 times during 2013-14 and thin operating margins (2.81% in 2013-14) due to the low value add nature of trading business. The ratings however, favourably factor in the long track record of the Payal group in the plasticizers industry; the established relations of the company with domestic and international suppliers and the operational synergies of the Payal Group, with several companies being in the same line of business. The Payal group is engaged in the manufacture and trading of primary and secondary plasticizers and other PVC compounds/additives. The group manufactures a range of products such as DOP (Dioctyle phthalate), DBP (Dibutyl phthalate), CPW (Cholrinated Paraffin wax) etc. These products find application in various industries such as footwear, leather, cable etc. Payal Petropack Private Limited (PPPL) was established as a proprietorship firm (Payal Petropack) by Mr. R. P. Gupta in 1994. The firm was reconstituted as a private limited company in March 2008. Based out of Delhi, PPPL trades in primary and secondary plasticizers, polyvinyl chloride, alcohols and solvents. In 2013-14, PPPL reported a net profit of INR1.06 crore on an operating income of INR107.20 crore against net profit of INR1.91 crore on an operating income of INR120.63 crore in 2012-13. Payal Polyplast Private Limited is engaged in the manufacture of primary plasticizers and secondary plasticizers with its facility located in Daman. It was established as a partnership firm (Payal Polymers) by Mr. R. P. Gupta and his family members. The firm was reconstituted as a private limited company in January 2009. The company has an installed capacity of 48,000 metric tons per annum (MTPA). Payal Petrochem Private Limited was established by Mr. R P Gupta and his family members in 2010-11. The company manufactures primary and secondary plasticizers at its facility located in Dahej (Gujarat). The company has a production capacity of 78,000 MTPA. Payal Polycompounds Private Limited was established as a partnership firm (Nikhil Plastics) in 1990 by Mr. R. P. Gupta and his family members and was reconstituted as a private limited company in 2008-09. It manufactures PVC compounds at its facility in Delhi. R. JAYKUMAR: ICRA Lowers Rating on INR6.50cr Fund Based Loan to D ----------------------------------------------------------------- ICRA has revised the short-term rating assigned to the INR6.50 crore fund based bank facilities of R. Jaykumar & Co. (RJC) to [ICRA]D from [ICRA]A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 6.50 Revised to [ICRA]D (FCBD/PSDL) from [ICRA]A4 The rating revision reflects delays in debt servicing by the firm on account of a stretched liquidity position. Incorporated in 1994 as a partnership concern by Mr. Arvind Bodra, Mr. Jerambhai Bodra, Mr. Nitin Bodra, and Mr. Bhagwanbhai Bodra; R Jaykumar & Co. is primarily engaged in the business of trading cut and polished diamonds. Prior to FY11, the firm was also engaged in manufacturing cut and polished dimaonds by outsourcing its processing work to other units in Surat, Gujarat. The firm derives most of its revenue from exports. For the full year FY14, the firm reported a profit after tax of INR0.33 crore on a topline of INR23.75 crore, as compared to a profit after tax of INR0.20 crore for FY13 on a topline of INR21.39 crore. RADHE RENEWABLE: CRISIL Reaffirms B Rating on INR130MM Cash Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Radhe Renewable Energy Development Pvt Ltd (RREDPL) continue to reflect RREDPL's moderate scale of operations and susceptibility of its profitability to volatility in input costs. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Reaffirmed) Cash Credit 130 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 10 CRISIL B/Stable (Reaffirmed) The ratings also take into account the company's weak financial risk profile, marked by high gearing and modest debt protection metrics, its large working capital requirements, and its constrained financial flexibility because of the funding support it provides to its group entities. These rating weaknesses are partially offset by RREDPL's established position and its promoter's extensive experience in the gasifiers industry. Outlook: Stable CRISIL believes that RREDPL will continue to benefit over the medium term from its established position in the gasifiers industry and the extensive industry experience of its promoter. The outlook may be revised to 'Positive' if the company's cash accruals increase significantly along with reduction in the working capital cycle, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if RREDPL posts low cash accruals, its working capital management deteriorates, or it provides higher-than-expected fund support to associate entities, resulting in weakening of its financial risk profile, particularly its liquidity. Update RREDPL's revenue increased by around 72 per cent year-on-year to reach INR697.5 million in 2013-14 (refers to financial year, April 1 to March 31) on the back of commencement of the sale of the waste tyre recycling plant from 2013-14, which fetched revenue of around INR183.5 million. Operating profitability of the company declined to 6.1 per cent in 2013-14 from 9 per cent in 2012-13 owing to waste-tyre recycling plant being a lower margin product; however, the company posted accruals of around INR15.6 million in 2013-14, marginally improving from INR13 million in 2012-13. The company has recorded revenue of around INR240.7 million for the 6 months through September 2014. CRISIL expects the company's revenue to marginally increase in 2014-15 vis-a-vis the previous year. Gearing of the company increased to 1.81 times as on March 31, 2014, from 0.73 times as on March 31, 2013, owing to increase in working capital debt. Decline in operating profitability, coupled with a substantial increase in total debt, resulted in the company having modest debt protection metrics, marked by interest coverage and net cash accruals to total debt at 1.8 times and 0.06 times, respectively, in 2013-14. CRISIL believes that RREDPL's financial risk profile will remain weak over the medium term, marked by high gearing and modest debt protection metrics. The company has working-capital-intensive operations, marked by GCAs (Gross Current Assets) of around 204 days as on March 31, 2014 (which, though, moderated from 330 days as on March 31, 2013), on the back of high inventory days. Decline in credit available from suppliers resulted in the company relying on bank limits to fund its working capital requirements, reflected in average bank limit utilisation of 90 per cent over the 12 months through September 2014. CRISIL expects the company to post accruals of around INR16.2 million in 2014-15 as against repayment obligation of INR14.5 million. RREDPL, promoted by Dr. Shailesh Makadia, was originally set up in the early 1990s as a proprietorship firm. The firm was reconstituted as a partnership firm in 1998, and later as a private limited company in 2004. RREDPL primarily manufactures biomass- and coal-based gasifiers, apart from electrostatic precipitators and hot-air generators. The company from 2013-14 has also started manufacturing waste tyre recycling plant. RREDPL reported net profit of INR5 million on net sales of INR704.07 million in 2013-14; it reported net profit of INR3.4 million on net sales of INR411.65 million in 2012-13. SAFI TRADERS: CRISIL Assigns B+ Rating to INR50MM Cash Credit ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Safi Traders - Marthandam (STM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable The rating reflects the firm's modest scale of operations in a fragmented industry, its exposure to volatility in demand, and below-average financial risk profile, marked by modest net worth. The rating weaknesses are partially offset by the extensive experience of STM's promoter in the iron and steel trading industry. Outlook: Stable CRISIL believes that STM will continue to benefit over the medium term from its promoter's extensive industry experience and the firm's established relationships with clients. The outlook may be revised to 'Positive' if STM improves its scale of operations and profitability, resulting in improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the firm's cash accruals decline considerably or if its working capital management deteriorates, leading to deterioration in its financial risk profile. Set up in 2007, STM trades in steel products, mainly thermo- mechanically treated bars and structural steel. Its day-to-day operations are managed by its proprietor, Mr. Safi Mohammed. The firm is based out of Marthandam, Tamil Nadu. STM reported profit after tax (PAT) of INR2.5 million on revenue of INR513 million in 2013-14 (refers to financial year, April 1 to March 31) as against PAT of INR20.7 million on revenue of INR189 million for 2012-13. SAKTHI SPINTEX: ICRA Cuts Rating on INR6.78cr Term Loan to D ------------------------------------------------------------ ICRA has revised the long-term rating to [ICRA]D from [ICRA]C for the INR6.78 crore (revised from 10.20) term loan facilities and the INR3.00 crore fund based facilities of Sakthi Spintex Private Limited. ICRA has also revised the short-term rating to [ICRA]D from [ICRA]A4 for the INR2.65 crore non-fund based facilities of SSPL. ICRA has also assigned a long term rating of [ICRA]D for the INR3.42 crore proposed facilities of SSPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- LT-Term loans 6.78 [ICRA]D/revised LT-Fund based facilities 3.00 [ICRA]D/revised LT-Proposed facilities 3.42 [ICRA]D/assigned ST-Non-fund based facilities 2.65 [ICRA]D/revised The rating action considers the delays in debt servicing by the company due to tight liquidity position and also take note of the weak financial profile of the company characterised by stretched capital structure and weak coverage indicators. ICRA also takes note of the experience of promoters in the textile industry and efforts taken by them to increase scale of operations, although the results remain to be seen. Early regularisation of debt servicing is critical and remains key rating sensitivity. Sakthi Spintex Private Limited was incorporated in 2002 to manufacture cotton yarn and is promoted by Mr. Vijayakumar, who is also a Director on the Board of Arun Spinning Mills Private Limited. The Company commenced production in November 2011, and is currently engaged in trading of yarn and conversion of processed cotton to yarn on a job work basis for its group company. SSPL's manufacturing facility is located near Srivilliputhur, Tamil Nadu and currently operates with a capacity of 14,400 spindles. Recent Results The Company reported a net profit of INR0.2 crore on operating income of INR21.1 crore during 2013-14, as against a net loss of INR1.0 crore on operating income of INR13.8 crore during the corresponding previous fiscal year. SANGAMNER-LONI: CRISIL Reaffirms D Rating on INR140MM Term Loan --------------------------------------------------------------- CRISIL's rating on the bank facilities of Sangamner-Loni Infrastructure Pvt Ltd (SLIPL) continues to reflect instances of delays by SLIPL in servicing its term debt. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 10 CRISIL D (Reaffirmed) Bank Loan Facility Term Loan 140 CRISIL D (Reaffirmed) The rating also reflects the company's weak financial risk profile, marked by modest net worth, high gearing, and weak debt protection metrics. However, SLIPL's business risk profile is supported by the experience of the promoters in the industry. SLIPL was set up in May 2002 as a special-purpose vehicle by Rudranee Construction Company (RCC) to improve the Sangamner-Loni- Kolhar Road (Maharashtra) on a Built-operate-transfer (BOT) basis. Mr. Mohammed Israil Sheikh bought the toll road from the promoters of RCC in 2006. SANKET PROPERTIES: CRISIL Reaffirms B+ Rating on INR140MM LT Loan ----------------------------------------------------------------- CRISIL's rating continues to reflect Sanket Properties Pvt Ltd's (SPPL) exposure to project implementation risk accentuated by the initial stage of its project, and vulnerability to cyclical demand inherent to the Indian real estate sector. These rating weaknesses are partially offset by the benefits that SPPL derives from its promoters' extensive industry experience. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 140 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that SPPL will benefit from its promoters' extensive experience in the real estate sector in Pune (Maharashtra). The outlook may be revised to 'Positive' if the company reports improved cash accruals on the back of sizeable customer bookings and completes the project without any cost overruns. Conversely, the outlook may be revised to 'Negative' if SPPL incurs sizeable project cost overruns or reports significantly slow ramp-up in customer bookings, resulting in inadequate liquidity. Established in 2006, SPPL is promoted by Mr. Dharmesh Gathani and his wife, Mrs. Jyoti Gathani. Members of the Gathani family have been active in the real estate segment in Pune for over 10 years and have executed multiple real estate projects. SPPL has undertaken the construction of a residential real estate project in Ambegaon, Pune, at a total cost of around INR470 million. SARAF CORPORATION: CRISIL Rates INR45MM Cash Credit at B+ --------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Saraf Corporation India Pvt Ltd (SCIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 22.5 CRISIL A4 Bank Guarantee 22.5 CRISIL A4 Cash Credit 45 CRISIL B+/Stable The ratings reflect SCIPL's modest scale of operations and below- average financial risk profile, marked by a modest net worth and high gearing. These rating weaknesses are partially offset by the extensive experience of the company's promoters in the catering industry. Outlook: Stable CRISIL believes that SCIPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company achieves a considerable and sustained improvement in its capital structure and debt protection metrics, backed by healthy growth in its accruals Conversely, the outlook may be revised to 'Negative' if SCIPL registers a significant decline in its revenue or margins, or if its working capital cycle stretches further, weakening its financial risk profile. SCIPL was originally incorporated as Saraf Hospitality Services Pvt Ltd in 2005, promoted by Mr. Deepak Saraf; the name was changed in 2012. The company provides catering and facility management services to oil companies for their offshore/onshore rigs. Its registered office is at Mumbai. SETMAX CERAMIC: ICRA Reaffirms B- Rating on INR3.50cr Cash Loan --------------------------------------------------------------- ICRA has reaffirmed the [ICRA]B- rating to the INR2.78 crore (reduced from INR3.95 crore) term loan and INR3.50 crore cash credit facility (enhanced from INR2.50 crore) of Setmax Ceramic. ICRA has also reaffirmed the [ICRA]A4 rating to the INR1.50 crore short term non-fund based bank guarantee facility (enhanced from INR1.00 crore) of SC. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 2.78 [ICRA]B- reaffirmed Cash Credit 3.50 [ICRA]B- reaffirmed Bank Guarantee 1.50 [ICRA]A4 reaffirmed The ratings reaffirmation continue to reflect the firm's relatively small scale of operations, weak financial profile on account of its stretched liquidity position, moderate profitability indicators and adverse capital structure owing to debt funded capital expenditure. The ratings are further constrained by the competitive business environment in which the firm operates limiting improvement in realizations, single product portfolio limiting its ability to supply to institutional buyers and vulnerability of its profitability to cyclicality inherent in real estate industry and to adverse fluctuations in raw material & fuel prices. The ratings, however positively factors in the promoters' extensive experience in the ceramic industry, and favorable location of the plant with its proximity to raw material sources. Setmax Ceramic (SC) was established as partnership firm in 2010. It is currently managed by partners Mr. Hardik Ghodasara and Mr. Vinod Bhadja. The promoters have been involved in the ceramic industry for past many years through manufacturing and trading of ceramic products and have established SC to cater domestic porcelain tiles market. The firm is involved in manufacturing and supplying body clay with installed capacity of 91,250 MT per annum and manufacturing of porcelain floor tiles with installed capacity of 43,800 MT per annum. The commercial production of body clay was commenced in July 2010 while production of porcelain floor tiles commenced in April 2012. The manufacturing facility of SC is located at Wakaner, Gujarat. Recent Results During FY2014, the firm reported profit after tax of INR0.35 crore on an operating income of INR17.66 crore as against profit after tax of INR0.10 crore on an operating income of INR17.33 crore in FY 2013. SHARP REALTORS: CARE Reaffirms D Rating on INR60cr LT Bank Loan --------------------------------------------------------------- CARE reaffirms ratings assigned to bank facilities of Sharp Realtors. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 60 CARE D Reaffirmed Rating Rationale The rating assigned to the bank facilities of Sharp Realtors continue to be constrained by the on-going delays in the servicing of the firm's debt obligations. M/s Sharp Realtors (SR) is promoted by Swastik Group to execute a residential-commercial-retail project as a part of "Yashwant Viva Township" in the Alkapuri locality at Nallasopara (East), Thane. Swastik group, engaged in construction business for more than 11 years was started by Mr. Deepak Shah, Mr. Hemant Mhatre, Mr. Kishore Naik and Mr. Pankaj Thakur and has completed about 10.10 lsf of construction till date and has ongoing projects with total area under construction of 59.10 lsf. SR has undertaken construction of the said township project in phases. For the first phase (Phase I), SR completed the development of a residential project on land admeasuring 31,165 square meters (sqm) having a total saleable area of 3.43 lakh square feet (lsf) namely 'Durvas' residential project and it is a part of the Yashwant Viva Township. For the second Phase (Phase II), SR is constructing a Mall(named Viva Swastik Shopping mall) in Yashwant Viva Township having a total area of 4.65 lsf. The estimated cost for the Mall project has been revised from INR100 crore to INR155 crore due to addition of area and cost escalation in MEP services. Total cost is estimated to be funded by equity of INR70 crore, debt of INR85 crore out of which debt of INR60 crore is already tied up and remaining INR25 crore is being sought from their banker. SHREE CONVEYOR: CRISIL Rates INR150M Loan 'D'; Suspension Revoked ----------------------------------------------------------------- CRISIL has revoked the suspension of its ratings on the bank facilities of Shree Conveyor Systems Private Limited (SCSPL) and has assigned its 'CRISIL D/CRISIL D' ratings to these facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 150 CRISIL D (Assigned; Suspension revoked) Cash Credit 130 CRISIL D (Assigned; Suspension revoked) Letter of Credit 20 CRISIL D (Assigned; Suspension revoked) Term Loan 31.8 CRISIL D (Assigned; Suspension revoked) Working Capital 28.2 CRISIL D (Assigned; Demand Loan Suspension revoked) The ratings had been suspended by CRISIL on July 26, 2014, as SCSPL had not provided the necessary information for taking a rating view. The company has now shared the requisite information, enabling CRISIL to assign ratings to the bank facilities. The ratings reflect the delays in servicing of term debt obligations by the company on account of its stretched liquidity. The ratings also reflect SCSPL's weak financial risk profile, and working capital intensive nature of operations and susceptibility to risks related to tender based nature of the business. The weaknesses are partially offset by the promoter's extensive experience in the industry and established relationship with the customers. Incorporated in 1991 as a private limited company by Mr. V S Madan, SCSPL manufactures material handling and mineral processing equipment, systems, and components. The company undertakes turnkey projects which involve detailed study on designing and engineering, manufacturing and commissioning. SHREE SITA: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan ----------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Shree Sita Ispat and Power Pvt Ltd (Shree Sita) continues to reflect Shree Sita's small scale of operations in the highly fragmented steel industry and its large working capital requirement. These rating weaknesses are partially offset by the benefits that Shree Sita derives from its promoters' extensive experience in the steel industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable (Reaffirmed) Proposed Long Term 5 CRISIL B+/Stable (Reaffirmed) Bank Loan Facility Outlook: Stable CRISIL believes that Shree Sita will continue to benefit over the medium term from its promoters' extensive experience in the iron and steel industry. The outlook may be revised to 'Positive' if the company ramps up its operations significantly, while it maintains its profitability, or achieves better working capital management, leading to improvement in its liquidity. Conversely, the outlook may be revised to 'Negative' if Shree Sita's financial risk profile, particularly its liquidity, weakens because of pressure on its profitability or sizeable working capital requirements, or if the company undertakes any significant debt- funded capital expenditure programme, leading to weakening in its financial risk profile. Update Shree Sita's operating revenue improved in 2013-14 (refers to financial year, April 1 to March 31) to around INR478 million, as against INR405 million during 2012-13, registering a growth of around 18 per cent. The company's operating profitability though has declined to around 5.2 per cent in 2013-14 from 6.3 per cent in 2012-13, resulting in flattish accruals of around INR15 million in 2013-14. Shree Sita's operations remain working capital intensive, with gross current assets (GCAs) of around 243 days as on March 31, 2014. The GCAs, over the past three years, have been in the range of 243 to 307 days largely on account of receivables of around 90 days. The company has reported a moderate financial risk profile, marked by comfortable gearing and above-average debt protection metrics, albeit constrained by a modest net worth. The company reported a net worth of around INR86 million and gearing of around 1 time as on March 31, 2014. Also, its interest coverage and net cash accruals to total debt ratios were around 3.5 times and 18 per cent, respectively, during 2013-14. Shree Sita's liquidity is supported by net cash accruals of around INR15 million during 2013-14, against which the company does not have any debt obligations. The liquidity is also supported by moderately utilised bank lines over the 12 months ended January 2015. However, the company's overall liquidity is partially constrained on account of its working-capital-intensive operations and small net worth. About the Company Shree Sita was incorporated in 2004 and is promoted by Mr. Manoj Agarwal along with his relative, Mr. Kailash Agarwal. The company manufactures sponge iron with a capacity of 1 kiln of 100 tonnes per day. SHRI RAM: CRISIL Reaffirms B Rating on INR125MM Cash Credit ----------------------------------------------------------- CRISIL's rating on the bank facilities of Shri Ram Rice Unit (SRU) continues to reflect SRU's below-average financial risk profile, marked by a small net worth, high gearing, and below-average debt protection metrics, susceptibility to erratic rainfall, and working-capital-intensive nature of operations. These rating weaknesses are partially offset by the promoters' extensive experience in the rice processing industry, and benefits expected from the healthy growth prospects for the industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 125 CRISIL B/Stable (Reaffirmed) Packing Credit 240 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 35 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes that SRU will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if SRU's cash accruals improve due to substantial increase in its scale of operations, or in case of significant improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' if the firm's liquidity weakens due to lower-than-expected cash accruals or higher-than-expected working capital requirements, or if the firm undertakes a larger-than-expected debt-funded capex programme. Established in 1991, SRU is a partnership firm promoted by Mr. Sadhu Ram, Mr. Ravinder Kumar, Mr. Parmod Kumar, Mr. Vijay Kumar, and Mr. Sanjay Kumar. The firm is engaged in the milling and processing of rice, which includes both basmati and non-basmati varieties. The firm has a processing unit at Taraori (Punjab). SRU reported a profit after tax (PAT) of Rs 9.6 million on an operating income of Rs 1883.7 million for 2013-14, against a PAT of Rs 6.5 million on an operating income of Rs 1235.8 million for 2012-13. SINGH NATURAL: CRISIL Rates INR60MM Loan 'B+'; Suspension Revoked ----------------------------------------------------------------- CRISIL has revoked the suspension of its rating on the bank facilities of Singh Natural Resource Pvt Ltd (SNRPL) and has assigned its 'CRISIL B+/Stable' rating to the long-term bank facility of SNRPL. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable (Assigned; Suspension Revoked) Proposed Long Term 40 CRISIL B+/Stable (Assigned; Bank Loan Facility Suspension Revoked) The rating were previously 'Suspended' by CRISIL vide the Rating Rationale dated June 30th 2014, since SNRPL had not provided necessary information required for a rating review. SNRPL has now shared the requisite information enabling CRISIL to assign rating to its bank facilities. The rating reflects SNRPL's below-average financial risk profile, marked by a small net worth and weak interest coverage ratio. The rating also factors in the company's small scale of operations in the highly fragmented coal trading business. These rating weaknesses are partially offset by the extensive experience of SNRPL's promoter in the coal trading business. Outlook: Stable CRISIL believes that SNRPL will continue to benefit over the medium term from its promoter's extensive industry experience. The outlook may be revised to 'Positive' in case of substantial accruals and better working capital management, leading to improvement in the company's financial risk profile, particularly liquidity. Conversely, the outlook may be revised to 'Negative' in case of weakening of SNRPL's financial risk profile, particularly liquidity, on account of stretch in working capital cycle, or low accruals, or any significant debt-funded capital expenditure. Incorporated in 2008, SNRPL trades in coal. Its promoter, Mr. Tej Pratap Singh, has been engaged in the coal trading business since 25 years. SOLITAIRE FOODS: CRISIL Cuts Rating on INR100MM Term Loan to D -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Solitaire Foods Pvt Ltd (Solitaire) to 'CRISIL D' from 'CRISIL BB/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 130 CRISIL D (Downgraded from 'CRISIL BB/Stable') Proposed Long Term 10 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL BB/Stable') Term Loan 100 CRISIL D (Downgraded from 'CRISIL BB/Stable') The rating downgrade reflects instances of delay by Solitaire in servicing its debt. The delays were because of the company's weak liquidity, driven by its highly working-capital-intensive operations which resulted in high incremental fund requirements. About the Company Solitaire was promoted by Mr. Sandeep Nagar and three of his business associates, Mr. Luv Ojha, Mr. Shakti Chabra, and Mr. Rajeev, in 2008 to trade in raw milk. In 2010-11 (refers to financial year, April 1 to March 31), the company started manufacturing pasteurised milk. Its manufacturing facility is in Ghaziabad (Uttar Pradesh). SRI DURAIAPPA: ICRA Assigns B Rating to INR9cr Fund Based Loan -------------------------------------------------------------- ICRA has assigned long-term rating of [ICRA]B to the INR9.00 crore fund based facilities of Sri Duraiappa Agency. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term: Fund based facilities 9.00 [ICRA]B/assigned While arriving at the ratings, ICRA has considered the consolidated operational and financial risk profiles of Sri Duraiappa & Co, Sri Duraiappa Stores and Sri Duraiappa Agency. The entities are collectively referred to as "the Group". The rating takes into consideration the significant experience of the promoters in the edible oil trading business of over three decades and the healthy growth in the Group's operating income aided by growth in volumes over the years. The rating is, however, constrained by the Group's weak financial profile characterized by thin profit margins inherent to the nature of the business with limited value addition, weak capital structure with a high gearing of 3.4 times as on March 31, 2014 on account of low accruals and promoter drawings, and stretched coverage indicators. The rating is further constrained by the Group's relatively small scale of operations which limits its financial flexibility and the susceptibility of its profit margins to volatility in edible oil prices. The impact is, however, mitigated to some extent from diversification benefit provided by income from two convenience stores run by the Group. Sri Duraiappa Agency was established as sole proprietorship in 1990 by Mr. S Gopal. The Firm is engaged in the refined edible oil trading business in Chennai, Tamil Nadu. The Firm has two associate entities viz. Sri Duraiappa Stores and Sri Duraiappa & Co which are also into similar line of business. The Group also operates two convenience stores in Chennai (Alandur and Tambaram). The stores are located adjacent to the warehouses for storing the oil. In Alandur, the warehouse-and-store complex is spread over an area of 7,600 sq. ft. while the one in Tambaram is spread over an area of 5,900 sq. ft. Recent Results The Firm reported a net profit of INR0.2 crore on an operating income of INR57.6 crore during 2013-14 as against a net profit of INR0.1 crore on an operating income of INR49.6 crore during 2012- 13. SRI DURAIAPPA STORES: ICRA Rates INR6cr Fund Based Loan at 'B' -------------------------------------------------------------- ICRA has assigned long-term rating of [ICRA]B to the INR6.00 crore fund based facilities of Sri Duraiappa Stores. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term: Fund 6.00 [ICRA]B/assigned based facilities While arriving at the ratings, ICRA has considered the consolidated operational and financial risk profiles of Sri Duraiappa & Co, Sri Duraiappa Stores and Sri Duraiappa Agency. The entities are collectively referred to as "the Group". The rating takes into consideration the significant experience of the promoters in the edible oil trading business of over three decades and the healthy growth in the Group's operating income aided by growth in volumes over the years. The rating is, however, constrained by the Group's weak financial profile characterized by thin profit margins inherent to the nature of the business with limited value addition, weak capital structure with a high gearing of 3.4 times as on March 31, 2014 on account of low accruals and promoter drawings, and stretched coverage indicators. The rating is further constrained by the Group's relatively small scale of operations which limits its financial flexibility and the susceptibility of its profit margins to volatility in edible oil prices. The impact is, however, mitigated to some extent from diversification benefit provided by income from two convenience stores run by the Group. Sri Duraiappa Stores was established as sole proprietorship in 2004 by Mr. S Murugan. The Firm is engaged in the refined edible oil trading business in Chennai, Tamil Nadu. The Firm has two associate entities viz. Sri Duraiappa Agency and Sri Duraiappa & Co which are also into similar line of business. The Group also operates two convenience stores in Chennai (Alandur and Tambaram). The stores are located adjacent to the warehouses for storing the oil. In Alandur, the warehouse-and-store complex is spread over an area of 7,600 sq. ft. while the one in Tambaram is spread over an area of 5,900 sq. ft. Recent Results The Firm reported a net profit of INR0.1 crore on an operating income of INR36.7 crore during 2013-14 as against a net profit of INR0.1 crore on an operating income of INR32.6 crore during 2012- 13. STAR PAPER: CARE Raises Rating on INR19cr LT Bank Loan From B+ -------------------------------------------------------------- CARE revises/reaffirms rating assigned to the bank facilities of Star Paper Mills Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 19 CARE BB- Revised from CARE B+ Short-Term Bank Facilities 10 CARE A4 Reaffirmed Rating Rationale The revision in the long-term rating of Star Paper Mills Limited is on account of improvement in the operational performance of the company in M9FY15. However, the rating continues to be constrained by volatile raw material price and dependence on grid for power leading to higher cost. However, the ratings draw strength from the rich experience of the promoters and long track record of the company and moderate capital structure. The ability of the company to earn stable margins and manage its liquidity position effectively would remain the key rating sensitivities. Incorporated in 1936, Star Paper Mills Limited is an integrated Pulp and Paper Mill, the management and control of which was taken over by Duncan Goenka Group in the year 1986. The company has an installed production capacity on 75000 MT of wood pulp and paper bleach and un-bleach located in Saharanpur, Uttar Pradesh. The company produces a wide range of Industrial, Packaging and Cultural Papers catering to almost all segments of the market. The company sells its paper under 'Star Brand' with a distribution network throughout the country besides exporting products to neighboring countries. The "Duncans" brand dates back to 1860s when a Scottish businessman, Walter Duncans, set up tea business in India. Goenka family took-over the business in early 1950s. Over the years, the brand has become a household name. Shri G.P. Goenka has been spearheading the business since 1979. He hails from one of the country's oldest business families. He has vast experience of over 50 years in industry. He is currently supported by his son Shri S. V. Goenka in managing day-to-day operations of the group, who also has an experience of over a decade. The group took the management and control of Star Paper Mills in 1986 thereby having a record of around three decades in the paper industry. In FY14, SPML reported a loss of INR 22.08 crore on a total operating income of INR 275.67 crore. In M9FY15, SPML reported a total operating income of INR 199.94 crore and PAT of INR 3.45 crore. TENKASI TIMBER: CRISIL Reaffirms B+ Rating on INR12.5MM Cash Loan ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Tenkasi Timber and Saw Mill (TTSM) continue to reflect TTSM's below'average financial risk profile, marked by small net worth and modest interest coverage. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 12.5 CRISIL B+/Stable (Reaffirmed) Letter of Credit 57.5 CRISIL A4 (Reaffirmed) The ratings also factor in the firm's exposure to intense competition in the fragmented timber processing segment. These rating weaknesses are partially offset by the extensive industry experience of TTSM's promoters. Outlook: Stable CRISIL believes that TTSM will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if ramp-up in scale of operations and profitability, or a sizeable capital infusion strengthens the firm's financial risk profile. Conversely, the outlook may be revised to 'Negative' if low cash accruals, deterioration in working capital management, weakening in liquidity, or any large debt-funded capital expenditure impacts the financial risk profile adversely. Set up in 2008, TTSM is based in Tamil Nadu, and processes and trades in timber. The operations of the firm are managed by its promoter, Mr. Syed Ali Badushah. TRANSWORLD SHOES: CRISIL Assigns B+ Rating on INR25MM Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Transworld Shoes Pvt Ltd (TSPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 25 CRISIL B+/Stable Packing Credit 45 CRISIL A4 The ratings reflect the company's below-average financial risk profile marked by high gearing, and its modest scale of operations in the highly fragmented footwear industry. These rating weaknesses are partially offset by its promoters' extensive industry experience and its established relationship with customers. Outlook: Stable CRISIL believes that TSPL will continue to benefit over the medium term from its promoters' extensive experience in the footwear industry and its established relationship with customers and suppliers. The outlook maybe revised to 'Positive' in case TSPL generates significantly higher cash accruals or its promoters infuse more capital, along with efficient working capital management. Conversely, the outlook maybe revised to 'Negative' in case its cash accruals are low or its working capital requirements increase or the company undertakes a large debt-funded capital expenditure leading to weak financial risk profile. TSPL was established in 1986 as a proprietorship firm Transworld Shoes Corporation by Mr. Anil Agarwal and was reconstituted as a private limited company in 2010. It manufactures leather shoes for men, women and children, which are primarily exported to European countries. The manufacturing facility based in Agra (Uttar Pradesh). V R TEXTILES: CRISIL Cuts Rating on INR400MM Cash Credit to D ------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of V R Textiles Pvt Ltd (VRT) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25.2 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 400 CRISIL D (Downgraded from 'CRISIL B/Stable') Proposed Long Term 39.4 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B/Stable') Term Loan 165.4 CRISIL D (Downgraded from 'CRISIL B/Stable') The rating downgrade reflects instances of delays by VRT in repayment of its term loan, and its overdrawn working capital limits for more than 30 days, due to its weak liquidity. VRT has a below-average financial risk profile, marked by high gearing; it also has working-capital-intensive operations and is susceptible to volatility in raw material prices. However, the company benefits from the extensive experience of its promoter in the cotton industry. VRT, promoted by Mr. V Rangasamy Naidu in 1956, manufactures cotton yarn, primarily in counts of 20s to 40s. The company is presently managed by Mr. Naidu's grandson, Mr. V Radha Krishnan. Its manufacturing unit is in Erode (Tamil Nadu). ================= I N D O N E S I A ================= ALAM SUTERA: Fitch Affirms 'B+' IDR; Outlook Stable --------------------------------------------------- Fitch Ratings has affirmed Indonesia-based PT Alam Sutera Realty Tbk's (ASRI) Long-Term Issuer Default Rating at 'B+' with a Stable Outlook. Fitch has also affirmed the long-term ratings on the outstanding US dollar bonds issued by Alam Synergy Pte Ltd and guaranteed by ASRI at 'B+', with a Recovery Rating of 'RR4'. KEY RATING DRIVERS Satisfactory Presales: The affirmation of ASRI's ratings reflects its satisfactory presales in 2014 amid a somewhat uncertain domestic environment that delayed planned project launches towards mid to late 2014. ASRI achieved 85% of its 2014 sales target - amounting to IDR4.3tn (USD350m) - amid tighter mortgage regulations for residential property purchases that were enforced in late-2013, as well as the uncertainty created by Indonesia's presidential elections in July 2014. Fitch estimates that ASRI's presales/gross debt ratio slipped to around 0.7x at end-2014 from 1.0x in 2013, which is lower than the 0.75x threshold below which negative rating action may be considered. This is marginally weaker than Fitch's previous expectations. However the agency expects presales to pick up in 2015 on the back of higher economic activity and less uncertainty in the domestic front. Consequently ASRI's presales / gross debt should improve to more than 0.8x by end-2015. Commercial Sales - Diverse but Risky: Commercial land sales accounted for a little over half of ASRI's 2014 presales, as the company had the flexibility to alter its strategy in the face of challenges in the residential markets. Fitch considers this a credit strength. At the same time the agency notes that a sustained increase in reliance on commercial property in ASRI's sales mix will increase the company's business risk, as commercial property sales are more susceptible to economic cycles. The agency expects commercial property sales to account for a lower 35%-40% of 2015 presales. Improving Investment Property Income: ASRI generates modest profits from renting out its small investment property portfolio, which includes its shopping mall in its Alam Sutera township and its cultural park in Bali. Profits from investment property rentals are more stable than property development income and lowers business risk to an extent. Fitch estimates that EBITDA from investment property rentals covered around 0.2x of ASRI's total cash interest costs in 2014. The agency expects this to improve to 0.4x by end-2015 due to improving occupancy in ASRI's mall, as well as growing visitor arrivals at its cultural park. Established Track Record: The ratings recognise ASRI's low-cost, large land bank of over 22 million square meters, strategic advantages of its main development locations, and track record in successful project executions. ASRI is one of the pioneers in developing large-scale townships in Serpong, which is now a popular alternative to other areas in Greater Jakarta. Fitch expects ASRI to be able to build on its success in Serpong for its new project in Pasar Kemis as well as its high-rise residential and office buildings. For example the company launched a residential cluster in its Pasar Kemis project in February 2015 and immediately sold 102 units out of a total of 447 on offer. The project continues to record robust growth in average selling prices with an annual increase of 32%-42% among its various clusters during 2014. KEY ASSUPMTIONS Fitch's key assumptions within its rating case for the issuer include: -- 2015 presales increase by 14% from 2014 -- EBITDA margin stays above 50% -- Sales from commercial properties will account for about 35%-40% of the total -- Investment property EBITDA will cover 0.4x of cash interest expenses by end-2015 RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- A sustained weakening in sales turnover such that the presales/gross debt ratio is below 0.75x (2015 projection: 0.8x) on a sustained basis. -- A sustained increase in leverage above 60% (end-September 2014: 48%; 2015 projection: 50%). Leverage is the ratio of debt less unrestricted cash and hedging benefits to the sum of land and inventory, investment property and advance payments for land but excluding sales advances from customers. -- An increase in ASRI's exposure to non-core businesses Positive rating action is not expected due to the company's small scale and limited project diversification compared with higher- rated property developers. FULL LIST OF RATING ACTIONS PT Alam Sutera Realty Tbk -- Long-Term, IDR affirmed at 'B+'; Outlook Stable -- Senior unsecured rating affirmed at 'B+' and 'RR4' Alam Synergy Pte Ltd -- Outstanding USD235m 6.95% notes due in 2020, affirmed at 'B+' and 'RR4' -- Outstanding USD225m 9% notes due in 2019, affirmed at 'B+' and 'RR4' ========= J A P A N ========= JCREF CMBS 2007-1: Fitch Cuts Then Withdraws 'Dsf' Notes Rating --------------------------------------------------------------- Fitch Ratings has downgraded JCREF CMBS 2007-1 GK's class E notes due December 2015 to 'Dsf' and simultaneously withdrawn the rating due to tranche default. The transaction is a Japanese multi- borrower type CMBS securitisation. The details of the rating actions are: JPY1.4bn* Class E notes downgraded to 'Dsf' from 'Csf'; rating withdrawn *as of March 12, 2015 KEY RATING DRIVERS The downgrade of the class E notes follows the completion of workout activities of all defaulted loans backing the transaction. Since the previous rating action in July 2014, workout activities for the remaining two defaulted loans have been completed and the available funds from the underlying loans have been applied to the note repayment. Together with the available cash reserved at the transaction level, these proceeds were sufficient to redeem the class B to D notes in full by December 2014. The remainder from the cash reserved at the transaction level, which will mostly be used for the liquidation of the note issuer, is much smaller than the outstanding balance of the class E notes. Therefore, Fitch expects the class E notes' principal to be written down at the next payment date in June 2015. According to the transaction structure, principal losses on defaulted loans will not cause a reduction in the note principal until available cash, including that reserved cash in the transaction account, is fully applied to the note repayment. Fitch will no longer calculate the Recovery Estimate for this transaction following the withdrawal of the ratings. Fitch assigned ratings to this transaction in November 2007. At closing, the notes were secured by nine loans or Tokutei Mokuteki Kaisha bonds (collectively, the underlying loans) collateralised by 56 properties. =============== M O N G O L I A =============== MONGOLIA: B2 Credit Profile Constrained by Commodities Exposure --------------------------------------------------------------- Moody's Investors Service says that the credit profiles of Ghana and Mongolia -- both rated B2 with negative outlooks -- are constrained by their exposure to commodities, strained public finances and external vulnerabilities. Ghana's high debt and deficit levels are a key drag on its credit quality, while Mongolia's elevated vulnerability to external risks and weak governance are its primary rating constraints--both sovereigns were downgraded by one notch in 2014. Moody's conclusions were contained in a just-released report, "Ghana, Government of and Mongolia, Government of: Commodity Dependence Strains Weak Credit Profiles". The two countries have abundant natural resources that have attracted high levels of foreign investment and have produced rapid economic growth. However, dependence on natural resources has exposed both economies to volatility in commodity prices and shifts in investor sentiment, undermining growth prospects in both countries and straining government finances. In addition, downward pressures on exports and capital inflows have reduced foreign-exchange reserve buffers. Unpredictability in the policy environment has weighed on economic growth more in Mongolia than in Ghana. While both countries will face heightened external pressures from sovereign bond repayments in the coming years, falling commodity prices will hurt Ghana more than Mongolia, given the former's position as a net oil exporter. But Mongolia's external risks are more pronounced due to a sharp drop in foreign direct investment over the last year. Weak fiscal management is also a shared credit risk, but while Mongolia's fiscal performance is strongly correlated with commodity cycles, Ghana's public finances outcomes are more closely tied to electoral cycles. Moody's further notes that Ghana's public finances are more strained, as seen in its much heavier debt burden and weaker debt affordability metrics. In the case of Mongolia, interest payments comprise a lower 4.5% of revenues, versus 23% for Ghana -- but this relative strength is diminishing as interest payments rise and mineral and corporate tax revenues decline. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 9 to March 13, 2015 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ANTARES ENERGY L 10.00 10/30/23 AUD 1.92 AUSDRILL FINANCE 6.88 11/01/19 USD 74.89 BOART LONGYEAR M 7.00 04/01/21 USD 70.00 BOART LONGYEAR M 7.00 04/01/21 USD 70.00 CML GROUP LTD 9.00 01/29/20 AUD 1.00 CRATER GOLD MINI 10.00 08/18/17 AUD 25.25 EMECO PTY LTD 9.88 03/15/19 USD 72.68 GRIFFIN COAL MIN 9.50 12/01/16 USD 72.00 GRIFFIN COAL MIN 9.50 12/01/16 USD 72.00 KBL MINING LTD 10.00 02/16/17 AUD 0.20 MIDWEST VANADIUM 11.50 02/15/18 USD 8.00 MIDWEST VANADIUM 11.50 02/15/18 USD 11.00 RESOLUTE MINING 10.00 12/04/17 AUD 1.00 STOKES LTD 10.00 06/30/17 AUD 0.45 TREASURY CORP OF 0.50 11/12/30 AUD 65.87 CHINA ----- CHANGCHUN CITY D 6.08 03/09/16 CNY 70.49 CHANGCHUN CITY D 6.08 03/09/16 CNY 70.17 CHANGZHOU INVEST 5.80 07/01/16 CNY 70.67 CHANGZHOU INVEST 5.80 07/01/16 CNY 70.32 CHINA EASTERN AI 5.05 03/18/23 CNY 75.00 CHINA GOVERNMENT 1.64 12/15/33 CNY 72.61 CHINA NATIONAL E 5.65 09/26/17 CNY 64.41 DANYANG INVESTME 6.30 06/03/16 CNY 70.40 HANGZHOU XIAOSHA 6.90 11/22/16 CNY 71.50 HANGZHOU XIAOSHA 6.90 11/22/16 CNY 71.74 HEILONGJIANG HEC 7.78 11/17/16 CNY 71.20 HEILONGJIANG HEC 7.78 11/17/16 CNY 71.37 HUAIAN CITY URBA 7.15 12/21/16 CNY 70.19 HUNAN CHANGDE RE 5.90 01/29/16 CNY 69.13 INNER MONGOLIA N 7.48 05/05/18 CNY 66.20 INNER MONGOLIA N 7.48 05/05/18 CNY 67.46 JIANGSU HUAIAN S 5.80 12/28/15 CNY 71.48 JIANGSU HUAJING 5.68 09/28/17 CNY 74.45 JIANGSU LIANYUN 7.85 07/22/15 CNY 70.65 KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.13 KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.93 LIAOYUAN STATE-O 7.80 01/26/17 CNY 71.50 LIAOYUAN STATE-O 7.80 01/26/17 CNY 71.37 NANJING NANGANG 6.13 02/27/16 CNY 49.46 NANJING NANGANG 6.13 02/27/16 CNY 46.89 NANJING PUBLIC H 5.85 08/08/17 CNY 65.29 NANTONG STATE-OW 6.72 11/13/16 CNY 71.01 NANTONG STATE-OW 6.72 11/13/16 CNY 71.29 NINGDE CITY STAT 6.25 10/21/17 CNY 60.60 PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.31 PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.91 QINGDAO CITY CON 6.19 02/16/17 CNY 71.65 QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.73 QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.66 SHENGZHOU HOTEL 9.20 02/26/16 CNY 107.11 TAIZHOU CITY CON 6.90 01/25/17 CNY 70.17 WUXI COMMUNICATI 5.58 07/08/16 CNY 50.21 WUXI COMMUNICATI 5.58 07/08/16 CNY 50.20 XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.50 XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.86 YANGZHOU URBAN C 5.94 07/23/16 CNY 70.03 YANGZHOU URBAN C 5.94 07/23/16 CNY 70.49 YIYANG CITY CONS 8.20 11/19/16 CNY 71.91 ZHENJIANG CITY C 5.85 03/30/15 CNY 70.02 ZHENJIANG CITY C 5.85 03/30/15 CNY 69.98 ZHUCHENG ECONOMI 7.50 08/25/18 CNY 49.26 ZIBO CITY PROPER 5.45 04/27/19 CNY 60.53 ZOUCHENG CITY AS 7.02 01/12/18 CNY 61.67 INDONESIA --------- BERAU COAL ENERG 7.25 03/13/17 USD 62.50 BERAU COAL ENERG 7.25 03/13/17 USD 67.00 DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50 PERUSAHAAN PENER 6.75 04/15/43 IDR 74.79 PERUSAHAAN PENER 6.10 02/15/37 IDR 72.84 SMARTFREN TELECO 8.00 06/15/17 IDR 49.10 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 30.50 BLUE DART EXPRES 9.30 11/20/17 INR 10.11 BLUE DART EXPRES 9.40 11/20/18 INR 10.19 BLUE DART EXPRES 9.50 11/20/19 INR 10.25 CORE EDUCATION & 7.00 05/07/15 USD 10.00 COROMANDEL INTER 9.00 07/23/16 INR 15.84 GTL INFRASTRUCTU 3.03 11/09/17 USD 28.50 INCLINE REALTY P 10.85 08/21/17 INR 15.04 INCLINE REALTY P 10.85 04/21/17 INR 11.88 INDIA GOVERNMENT 7.64 01/25/35 INR 23.99 INDIA GOVERNMENT 1.44 06/05/23 INR 79.00 JAIPRAKASH ASSOC 5.75 09/08/17 USD 74.54 JCT LTD 2.50 04/08/11 USD 22.38 MASCON GLOBAL LT 2.00 12/28/12 USD 3.46 ORIENTAL HOTELS 2.00 11/21/19 INR 72.38 PRAKASH INDUSTRI 5.25 04/30/15 USD 60.88 PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 55.88 REI AGRO LTD 5.50 11/13/14 USD 55.88 SHIV-VANI OIL & 5.00 08/17/15 USD 25.75 JAPAN ----- AVANSTRATE INC 3.02 11/05/15 JPY 38.00 AVANSTRATE INC 5.00 11/05/17 JPY 29.00 ELPIDA MEMORY IN 0.70 08/01/16 JPY 17.00 ELPIDA MEMORY IN 0.50 10/26/15 JPY 12.63 ELPIDA MEMORY IN 2.03 03/22/12 JPY 17.00 ELPIDA MEMORY IN 2.29 12/07/12 JPY 17.00 ELPIDA MEMORY IN 2.10 11/29/12 JPY 17.00 KOREA ----- 2014 KODIT CREAT 5.00 12/25/17 KRW 27.52 2014 KODIT CREAT 5.00 12/25/17 KRW 27.52 DONGBU CORP 4.00 06/29/15 KRW 40.38 DONGBU METAL CO 5.20 09/12/19 KRW 56.56 EXPORT-IMPORT BA 0.50 11/21/17 BRL 73.78 EXPORT-IMPORT BA 0.50 12/22/17 BRL 73.02 HYUNDAI HEAVY IN 4.80 12/15/44 KRW 59.59 HYUNDAI HEAVY IN 4.90 12/15/44 KRW 58.55 HYUNDAI MERCHANT 7.05 12/27/42 KRW 38.55 KIBO ABS SPECIAL 10.00 09/04/16 KRW 34.80 KIBO ABS SPECIAL 10.00 02/19/17 KRW 32.49 KIBO ABS SPECIAL 10.00 08/22/17 KRW 28.19 KIBO ABS SPECIAL 5.00 01/31/17 KRW 29.33 KIBO ABS SPECIAL 5.00 03/29/18 KRW 26.64 KIBO GREEN HI-TE 10.00 12/21/15 KRW 37.53 LSMTRON DONGBANG 4.53 11/22/17 KRW 27.25 POSCO ENERGY COR 4.66 08/29/43 KRW 71.64 POSCO ENERGY COR 4.72 08/29/43 KRW 71.08 POSCO ENERGY COR 4.72 08/29/43 KRW 70.86 SINBO SECURITIZA 5.00 12/13/16 KRW 30.38 SINBO SECURITIZA 5.00 02/02/16 KRW 28.35 SINBO SECURITIZA 8.00 02/02/16 KRW 35.69 SINBO SECURITIZA 5.00 09/28/15 KRW 33.92 SINBO SECURITIZA 5.00 12/07/15 KRW 33.17 SINBO SECURITIZA 5.00 05/27/16 KRW 32.60 SINBO SECURITIZA 5.00 05/27/16 KRW 32.60 SINBO SECURITIZA 5.00 06/29/16 KRW 32.22 SINBO SECURITIZA 5.00 07/19/15 KRW 37.70 SINBO SECURITIZA 5.00 07/26/16 KRW 31.88 SINBO SECURITIZA 5.00 07/26/16 KRW 31.88 SINBO SECURITIZA 5.00 08/24/15 KRW 34.63 SINBO SECURITIZA 5.00 08/31/16 KRW 31.48 SINBO SECURITIZA 5.00 08/31/16 KRW 31.48 SINBO SECURITIZA 9.00 07/27/15 KRW 42.91 SINBO SECURITIZA 5.00 03/14/16 KRW 32.32 SINBO SECURITIZA 5.00 09/13/15 KRW 34.74 SINBO SECURITIZA 4.60 06/29/15 KRW 41.19 SINBO SECURITIZA 4.60 06/29/15 KRW 41.19 SINBO SECURITIZA 5.00 10/05/16 KRW 31.14 SINBO SECURITIZA 5.00 10/05/16 KRW 29.61 SINBO SECURITIZA 10.00 12/27/15 KRW 37.01 SINBO SECURITIZA 5.00 01/29/17 KRW 29.88 SINBO SECURITIZA 5.00 02/21/17 KRW 29.63 SINBO SECURITIZA 5.00 01/19/16 KRW 28.60 SINBO SECURITIZA 5.00 09/13/15 KRW 34.74 SINBO SECURITIZA 5.00 12/25/16 KRW 29.76 SINBO SECURITIZA 5.00 03/13/17 KRW 29.45 SINBO SECURITIZA 5.00 03/13/17 KRW 29.45 SINBO SECURITIZA 5.00 01/15/18 KRW 27.36 SINBO SECURITIZA 5.00 01/15/18 KRW 27.36 SINBO SECURITIZA 5.00 06/07/17 KRW 24.84 SINBO SECURITIZA 5.00 06/07/17 KRW 24.84 SINBO SECURITIZA 5.00 08/16/16 KRW 30.96 SINBO SECURITIZA 5.00 08/16/17 KRW 28.51 SINBO SECURITIZA 5.00 08/16/17 KRW 28.51 SINBO SECURITIZA 5.00 10/01/17 KRW 27.96 SINBO SECURITIZA 5.00 03/12/18 KRW 26.77 SINBO SECURITIZA 5.00 03/12/18 KRW 26.77 SINBO SECURITIZA 5.00 07/08/17 KRW 28.91 SINBO SECURITIZA 5.00 07/08/17 KRW 28.91 SINBO SECURITIZA 5.00 02/21/17 KRW 29.63 SINBO SECURITIZA 5.00 10/01/17 KRW 27.96 SINBO SECURITIZA 5.00 10/01/17 KRW 27.96 SINBO SECURITIZA 5.00 02/11/18 KRW 26.93 SINBO SECURITIZA 5.00 02/11/18 KRW 26.93 SK TELECOM CO LT 4.21 06/07/73 KRW 68.46 STX OFFSHORE & S 3.00 09/06/15 KRW 74.00 TONGYANG CEMENT 7.30 06/26/15 KRW 70.00 TONGYANG CEMENT 7.50 04/20/14 KRW 70.00 TONGYANG CEMENT 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT 7.50 07/20/14 KRW 70.00 U-BEST SECURITIZ 5.50 11/16/17 KRW 28.14 WISEPOWER CO LTD 4.00 08/10/15 KRW 70.19 WOONGJIN ENERGY 2.00 12/19/16 KRW 58.15 MALAYSIA -------- BANDAR MALAYSIA 0.35 12/29/23 MYR 69.37 BANDAR MALAYSIA 0.35 02/20/24 MYR 68.90 BIMB HOLDINGS BH 1.50 12/12/23 MYR 70.11 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 63.36 BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.96 LAND & GENERAL B 1.00 09/24/18 MYR 0.37 SENAI-DESARU EXP 0.50 12/31/38 MYR 61.32 SENAI-DESARU EXP 0.50 12/31/40 MYR 63.97 SENAI-DESARU EXP 0.50 12/30/39 MYR 62.82 SENAI-DESARU EXP 0.50 12/31/43 MYR 67.14 SENAI-DESARU EXP 0.50 12/31/42 MYR 66.25 SENAI-DESARU EXP 0.50 12/31/47 MYR 70.80 SENAI-DESARU EXP 0.50 12/31/41 MYR 65.09 SENAI-DESARU EXP 0.50 12/29/45 MYR 69.17 SENAI-DESARU EXP 0.50 12/31/46 MYR 70.04 SENAI-DESARU EXP 0.50 12/30/44 MYR 68.23 SENAI-DESARU EXP 1.35 06/30/26 MYR 60.98 SENAI-DESARU EXP 1.35 06/30/31 MYR 49.95 SENAI-DESARU EXP 1.35 12/29/28 MYR 55.07 SENAI-DESARU EXP 1.10 06/30/21 MYR 74.02 SENAI-DESARU EXP 1.10 12/31/21 MYR 72.17 SENAI-DESARU EXP 1.15 06/28/24 MYR 64.68 SENAI-DESARU EXP 1.15 12/31/24 MYR 63.25 SENAI-DESARU EXP 1.35 06/30/28 MYR 56.26 SENAI-DESARU EXP 1.10 06/30/22 MYR 70.48 SENAI-DESARU EXP 1.15 12/30/22 MYR 69.17 SENAI-DESARU EXP 1.15 06/30/25 MYR 61.90 SENAI-DESARU EXP 1.15 06/30/23 MYR 67.63 SENAI-DESARU EXP 1.15 12/29/23 MYR 66.13 SENAI-DESARU EXP 1.35 12/31/26 MYR 59.80 SENAI-DESARU EXP 1.35 06/28/30 MYR 51.93 SENAI-DESARU EXP 1.35 12/31/30 MYR 50.94 SENAI-DESARU EXP 1.35 06/30/27 MYR 58.60 SENAI-DESARU EXP 1.35 12/31/27 MYR 57.44 SENAI-DESARU EXP 1.35 06/29/29 MYR 53.97 SENAI-DESARU EXP 1.35 12/31/29 MYR 52.93 SENAI-DESARU EXP 1.35 12/31/25 MYR 62.20 UNIMECH GROUP BH 5.00 09/18/18 MYR 1.20 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75 SINGAPORE --------- AXIS OFFSHORE PT 7.49 05/18/18 USD 58.03 BAKRIE TELECOM P 11.50 05/07/15 USD 6.86 BAKRIE TELECOM P 11.50 05/07/15 USD 7.00 BERAU CAPITAL RE 12.50 07/08/15 USD 69.13 BERAU CAPITAL RE 12.50 07/08/15 USD 71.00 BLD INVESTMENTS 8.63 03/23/15 USD 12.25 BUMI CAPITAL PTE 12.00 11/10/16 USD 30.00 BUMI CAPITAL PTE 12.00 11/10/16 USD 27.83 BUMI INVESTMENT 10.75 10/06/17 USD 29.21 BUMI INVESTMENT 10.75 10/06/17 USD 29.22 ENERCOAL RESOURC 6.00 04/07/18 USD 25.00 G STEEL PCL 3.00 10/04/15 USD 3.80 INDO INFRASTRUCT 2.00 07/30/10 USD 1.88 MDX PCL 4.75 09/17/03 USD 26.38 ORO NEGRO DRILLI 7.50 01/24/19 USD 74.50 OSA GOLIATH PTE 12.00 10/09/18 USD 72.75 SRI LANKA --------- SRI LANKA GOVERN 5.35 03/01/26 LKR 75.00 TAIWAN ------ ADVANCED SEMICON 1.45 08/19/16 TWD 1.10 ADVANCED SEMICON 1.45 08/19/16 TWD 1.50 ADVANCED SEMICON 1.45 08/19/16 TWD 1.30 ADVANCED SEMICON 1.45 08/19/16 TWD 1.30 ADVANCED SEMICON 1.45 08/19/16 TWD 1.05 AGRICULTURAL BAN 1.95 02/10/25 TWD 1.95 AGRICULTURAL BAN 3.28 06/30/15 TWD 3.28 AGRICULTURAL BAN 1.43 10/17/19 TWD 1.53 AGRICULTURAL BAN 1.53 10/17/22 TWD 1.53 ASIA CEMENT CORP 1.36 05/23/19 TWD 1.45 BANK OF KAOHSIUN 3.40 01/20/16 TWD 1.89 BANK OF PANHSIN 3.00 12/02/17 TWD 3.00 BANK OF PANHSIN 3.00 11/12/18 TWD 3.00 BANK OF PANHSIN 3.00 06/06/20 TWD 3.00 BANK OF PANHSIN 3.00 03/21/18 TWD 3.00 BANK OF PANHSIN 3.25 11/05/16 TWD 3.25 BANK OF TAIWAN 1.70 06/27/24 TWD 1.70 BANK SINOPAC 3.20 03/25/15 TWD 2.32 BANK SINOPAC 2.18 08/18/21 TWD 2.18 BANK SINOPAC 1.65 09/18/22 TWD 1.65 BANK SINOPAC 1.85 11/04/18 TWD 1.45 BANK SINOPAC 1.80 12/09/17 TWD 1.38 BANK SINOPAC 1.92 03/11/18 TWD 1.92 BANK SINOPAC 1.53 09/18/19 TWD 1.68 BANK SINOPAC 2.70 06/23/15 TWD 1.30 BANK SINOPAC 2.90 06/23/17 TWD 2.90 BANK SINOPAC 1.95 08/18/18 TWD 1.46 BANK SINOPAC 2.80 04/29/16 TWD 2.80 BANK SINOPAC 2.05 09/30/24 TWD 2.05 CATHAY FINANCIAL 3.10 12/24/15 TWD 1.17 CATHAY FINANCIAL 2.65 10/08/16 TWD 1.21 CATHAY UNITED BA 1.85 05/19/24 TWD 1.85 CATHAY UNITED BA 1.55 04/24/20 TWD 1.55 CATHAY UNITED BA 1.48 06/06/19 TWD 1.48 CATHAY UNITED BA 1.65 06/06/22 TWD 1.84 CATHAY UNITED BA 1.65 08/07/22 TWD 1.84 CATHAY UNITED BA 1.70 04/24/23 TWD 1.90 CATHAY UNITED BA 1.70 05/19/21 TWD 1.70 CHAILEASE FINANC 2.05 10/30/21 TWD 2.05 CHAILEASE FINANC 1.60 07/22/18 TWD 1.40 CHAILEASE FINANC 1.50 06/05/17 TWD 1.29 CHAILEASE FINANC 1.50 06/16/19 TWD 1.50 CHAILEASE FINANC 2.30 10/30/24 TWD 2.30 CHANG HWA COMMER 3.10 05/19/15 TWD 0.89 CHANG HWA COMMER 3.05 12/15/15 TWD 3.05 CHANG HWA COMMER 1.65 03/11/18 TWD 1.64 CHANG HWA COMMER 1.72 03/11/21 TWD 1.72 CHANG HWA COMMER 2.30 09/15/16 TWD 1.26 CHANG HWA COMMER 1.70 04/16/21 TWD 1.70 CHANG HWA COMMER 1.85 04/16/24 TWD 1.85 CHENG SHIN RUBBE 1.40 07/18/19 TWD 1.43 CHENG SHIN RUBBE 1.55 08/19/18 TWD 1.40 CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88 CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88 CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32 CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32 CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88 CHINA AIRLINES L 1.60 01/17/18 TWD 1.60 CHINA AIRLINES L 1.35 05/20/16 TWD 1.28 CHINA AIRLINES L 1.35 05/20/16 TWD 1.39 CHINA AIRLINES L 1.35 05/20/16 TWD 1.35 CHINA AIRLINES L 1.85 01/17/20 TWD 1.85 CHINA DEVELOPMEN 1.42 03/07/19 TWD 1.39 CHINA DEVELOPMEN 3.40 06/18/15 TWD 3.40 CHINA DEVELOPMEN 1.37 05/23/18 TWD 1.37 CHINA DEVELOPMEN 2.00 03/01/17 TWD 1.45 CHINA DEVELOPMEN 1.32 03/07/17 TWD 1.19 CHINA STEEL CORP 2.30 12/29/15 TWD 0.92 CHINA STEEL CORP 1.36 10/19/16 TWD 0.98 CHINA STEEL CORP 1.75 01/23/21 TWD 1.58 CHINA STEEL CORP 1.88 07/12/28 TWD 1.89 CHINA STEEL CORP 1.57 10/19/18 TWD 1.21 CHINA STEEL CORP 1.37 08/10/19 TWD 1.66 CHINA STEEL CORP 2.15 01/23/29 TWD 2.16 CHINA STEEL CORP 1.60 07/12/23 TWD 1.84 CHINA STEEL CORP 1.44 07/12/20 TWD 1.56 CHINA STEEL CORP 1.50 08/03/22 TWD 1.65 CHINA STEEL CORP 1.95 01/23/24 TWD 1.90 CHINESE MARITIME 1.40 06/08/17 TWD 1.13 CHINESE MARITIME 1.40 06/08/17 TWD 1.39 CHINESE MARITIME 1.40 06/08/17 TWD 1.40 CHINESE MARITIME 1.40 06/08/17 TWD 1.35 COTA COMMERCIAL 3.20 03/29/18 TWD 3.20 CPC CORP/TAIWAN 1.41 12/22/19 TWD 1.36 CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.05 CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.04 CPC CORP/TAIWAN 1.08 10/29/15 TWD 0.56 CPC CORP/TAIWAN 1.75 10/28/20 TWD 1.56 CPC CORP/TAIWAN 2.60 12/15/15 TWD 0.60 CPC CORP/TAIWAN 1.88 12/24/24 TWD 1.87 CPC CORP/TAIWAN 1.41 09/12/19 TWD 1.32 CPC CORP/TAIWAN 1.40 09/19/16 TWD 0.93 CPC CORP/TAIWAN 1.49 10/28/18 TWD 1.15 CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.64 CPC CORP/TAIWAN 1.60 09/22/18 TWD 1.17 CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51 CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00 CPC CORP/TAIWAN 1.36 06/08/19 TWD 1.28 CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91 CPC CORP/TAIWAN 1.68 12/23/21 TWD 1.60 CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65 CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13 CPC CORP/TAIWAN 1.46 07/19/20 TWD 1.45 CPC CORP/TAIWAN 1.68 07/22/23 TWD 1.69 CPC CORP/TAIWAN 1.29 09/21/19 TWD 1.40 CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70 CPC CORP/TAIWAN 1.65 12/04/19 TWD 1.36 CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60 CPC CORP/TAIWAN 1.85 09/12/24 TWD 1.85 CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86 CTBC BANK CO LTD 3.49 04/10/23 TWD 1.80 CTBC BANK CO LTD 3.10 04/25/15 TWD 0.92 CTBC BANK CO LTD 1.80 09/27/18 TWD 1.49 CTBC BANK CO LTD 2.00 06/26/29 TWD 2.00 CTBC FINANCIAL H 1.66 02/20/19 TWD 1.58 CTBC FINANCIAL H 1.80 02/20/22 TWD 1.80 DA-LI CONSTRUCTI 1.42 06/23/19 TWD 1.42 DRAGON STEEL COR 1.40 06/10/19 TWD 1.45 DRAGON STEEL COR 1.75 06/10/21 TWD 1.72 E.SUN COMMERCIAL 1.80 10/28/18 TWD 1.50 E.SUN COMMERCIAL 1.55 05/24/20 TWD 1.55 E.SUN COMMERCIAL 1.70 05/24/23 TWD 1.93 E.SUN COMMERCIAL 1.75 08/28/20 TWD 1.75 E.SUN COMMERCIAL 1.50 08/27/19 TWD 1.57 E.SUN COMMERCIAL 1.68 06/28/22 TWD 1.88 E.SUN COMMERCIAL 3.15 10/24/15 TWD 3.15 E.SUN COMMERCIAL 2.20 07/13/17 TWD 2.20 E.SUN COMMERCIAL 2.20 05/28/17 TWD 1.45 E.SUN COMMERCIAL 2.35 10/20/16 TWD 1.34 E.SUN COMMERCIAL 2.50 04/03/16 TWD 2.50 E.SUN COMMERCIAL 1.58 04/27/19 TWD 1.58 E.SUN COMMERCIAL 1.62 08/27/22 TWD 1.89 E.SUN COMMERCIAL 1.85 12/19/20 TWD 1.85 E.SUN COMMERCIAL 1.95 03/07/24 TWD 1.95 E.SUN COMMERCIAL 1.80 03/07/21 TWD 1.70 E.SUN FINANCIAL 1.75 06/29/19 TWD 1.65 E.SUN FINANCIAL 2.70 04/28/17 TWD 1.87 ENTIE COMMERCIAL 3.25 12/16/17 TWD 3.25 ENTIE COMMERCIAL 3.25 08/23/17 TWD 1.97 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.01 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.25 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.29 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.06 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CORP 1.44 08/31/16 TWD 0.90 EVERGREEN MARINE 1.28 04/26/17 TWD 1.18 EVERGREEN MARINE 1.28 04/26/17 TWD 1.31 EXPORT-IMPORT BA 0.88 02/12/16 TWD 0.74 EXPORT-IMPORT BA 0.90 01/28/16 TWD 0.82 EXPORT-IMPORT BA 1.25 05/30/17 TWD 1.25 EXPORT-IMPORT BA 0.68 06/20/16 TWD 0.68 EXPORT-IMPORT BA 0.90 06/24/17 TWD 0.90 EXPORT-IMPORT BA 0.80 10/16/16 TWD 0.80 FAR EASTERN DEPA 1.38 09/07/15 TWD 1.16 FAR EASTERN INTE 1.95 11/10/18 TWD 1.80 FAR EASTERN INTE 2.05 12/23/21 TWD 2.05 FAR EASTERN INTE 2.10 09/29/17 TWD 1.47 FAR EASTERN INTE 2.98 05/18/17 TWD 2.98 FAR EASTERN INTE 1.75 06/27/19 TWD 1.70 FAR EASTERN INTE 2.10 11/06/20 TWD 1.81 FAR EASTERN NEW 1.68 05/27/15 TWD 0.80 FAR EASTERN NEW 1.59 09/16/15 TWD 0.80 FAR EASTERN NEW 1.45 12/23/18 TWD 1.44 FAR EASTERN NEW 1.47 08/21/19 TWD 1.41 FAR EASTERN NEW 1.47 12/04/19 TWD 1.40 FAR EASTERN NEW 1.55 09/29/16 TWD 1.03 FAR EASTERN NEW 1.38 02/06/20 TWD 1.38 FAR EASTERN NEW 1.30 11/26/17 TWD 1.21 FAR EASTERN NEW 1.36 02/15/17 TWD 1.08 FAR EASTERN NEW 1.35 06/07/17 TWD 1.21 FAR EASTONE TELE 1.17 12/24/16 TWD 1.17 FAR EASTONE TELE 1.58 10/15/18 TWD 1.61 FAR EASTONE TELE 1.27 12/24/17 TWD 1.16 FAR EASTONE TELE 1.33 06/27/20 TWD 1.47 FAR EASTONE TELE 1.46 10/15/17 TWD 1.38 FAR EASTONE TELE 1.58 12/24/19 TWD 1.37 FIRST COMMERCIAL 3.02 10/21/15 TWD 1.20 FIRST COMMERCIAL 1.72 03/30/21 TWD 1.72 FIRST COMMERCIAL 1.50 09/28/17 TWD 1.36 FIRST COMMERCIAL 1.59 09/25/22 TWD 1.56 FIRST COMMERCIAL 1.47 09/25/19 TWD 1.44 FIRST COMMERCIAL 1.43 12/27/19 TWD 1.57 FIRST COMMERCIAL 1.65 03/30/18 TWD 1.26 FIRST COMMERCIAL 3.00 12/24/15 TWD 3.00 FIRST COMMERCIAL 3.16 12/24/17 TWD 3.16 FIRST COMMERCIAL 1.92 09/28/17 TWD 1.59 FIRST COMMERCIAL 3.10 06/23/15 TWD 2.95 FIRST COMMERCIAL 1.65 06/24/18 TWD 1.65 FIRST COMMERCIAL 1.72 06/24/21 TWD 1.72 FIRST FINANCIAL 1.60 07/22/15 TWD 0.90 FIRST FINANCIAL 2.25 07/22/17 TWD 1.41 FORMOSA CHEMICAL 1.52 07/29/15 TWD 0.81 FORMOSA CHEMICAL 1.44 06/10/16 TWD 0.93 FORMOSA CHEMICAL 1.29 07/26/17 TWD 1.15 FORMOSA CHEMICAL 1.34 01/22/20 TWD 1.50 FORMOSA CHEMICAL 1.24 07/08/18 TWD 1.29 FORMOSA CHEMICAL 1.38 10/31/16 TWD 1.16 FORMOSA CHEMICAL 1.36 12/07/19 TWD 1.40 FORMOSA CHEMICAL 1.50 01/22/23 TWD 1.80 FORMOSA CHEMICAL 1.56 06/29/15 TWD 0.77 FORMOSA CHEMICAL 1.38 07/08/20 TWD 1.45 FORMOSA CHEMICAL 1.23 12/07/17 TWD 1.23 FORMOSA CHEMICAL 1.51 12/07/22 TWD 1.53 FORMOSA CHEMICAL 1.40 07/26/19 TWD 1.47 FORMOSA CHEMICAL 1.52 07/08/23 TWD 1.54 FORMOSA CHEMICAL 2.03 07/04/29 TWD 2.04 FORMOSA CHEMICAL 1.81 07/04/24 TWD 1.84 FORMOSA PETROCHE 1.54 07/15/15 TWD 0.81 FORMOSA PETROCHE 1.43 09/12/19 TWD 1.37 FORMOSA PETROCHE 1.55 04/27/15 TWD 0.73 FORMOSA PETROCHE 1.54 05/25/15 TWD 0.75 FORMOSA PETROCHE 1.40 04/20/16 TWD 0.93 FORMOSA PETROCHE 1.42 05/25/16 TWD 0.82 FORMOSA PETROCHE 1.33 10/14/15 TWD 0.69 FORMOSA PETROCHE 1.30 06/20/17 TWD 1.14 FORMOSA PETROCHE 1.28 06/26/18 TWD 1.23 FORMOSA PETROCHE 1.37 03/12/20 TWD 1.41 FORMOSA PETROCHE 1.44 07/27/19 TWD 1.47 FORMOSA PETROCHE 1.44 06/20/19 TWD 1.58 FORMOSA PETROCHE 1.41 06/26/20 TWD 1.53 FORMOSA PETROCHE 1.25 03/12/18 TWD 1.31 FORMOSA PETROCHE 1.35 07/27/17 TWD 1.11 FORMOSA PETROCHE 1.99 09/12/26 TWD 1.99 FORMOSA PETROCHE 1.90 09/12/24 TWD 1.90 FORMOSA PLASTICS 1.35 12/15/16 TWD 0.95 FORMOSA PLASTICS 1.55 06/21/15 TWD 0.73 FORMOSA PLASTICS 1.92 05/21/26 TWD 1.94 FORMOSA PLASTICS 1.40 09/12/19 TWD 1.45 FORMOSA PLASTICS 1.83 05/21/24 TWD 1.86 FORMOSA PLASTICS 1.34 11/16/16 TWD 0.73 FORMOSA PLASTICS 1.39 11/05/19 TWD 1.44 FORMOSA PLASTICS 1.53 11/05/22 TWD 1.62 FORMOSA PLASTICS 1.42 11/08/18 TWD 1.47 FORMOSA PLASTICS 1.25 11/05/17 TWD 1.23 FORMOSA PLASTICS 1.26 05/22/17 TWD 1.24 FORMOSA PLASTICS 1.42 05/22/19 TWD 1.49 FORMOSA PLASTICS 1.52 06/10/23 TWD 1.54 FORMOSA PLASTICS 1.28 09/12/17 TWD 1.15 FORMOSA PLASTICS 1.23 06/10/17 TWD 1.30 FORMOSA PLASTICS 1.94 11/08/23 TWD 1.96 FUBON FINANCIAL 1.56 08/23/15 TWD 0.85 FUBON FINANCIAL 1.60 12/18/20 TWD 1.65 FUBON FINANCIAL 1.72 07/21/21 TWD 1.72 FUBON FINANCIAL 2.60 01/28/17 TWD 1.46 FUBON FINANCIAL 1.45 08/15/19 TWD 1.47 FUBON FINANCIAL 1.40 11/15/16 TWD 0.72 FUBON FINANCIAL 1.45 08/28/18 TWD 1.36 FUBON FINANCIAL 1.58 08/28/20 TWD 1.58 FUBON FINANCIAL 1.35 08/15/17 TWD 1.06 FUBON FINANCIAL 2.60 01/27/17 TWD 1.32 FUBON FINANCIAL 1.90 01/28/17 TWD 1.40 FUBON FINANCIAL 1.42 12/18/18 TWD 1.45 GOLDSUN DEVELOPM 1.40 12/25/19 TWD 1.40 GTM HOLDINGS COR 1.30 07/24/18 TWD 1.31 HIYES INTERNATIO 1.40 09/23/17 TWD 1.40 HON HAI PRECISIO 1.35 12/17/16 TWD 1.07 HON HAI PRECISIO 1.18 08/06/15 TWD 1.20 HON HAI PRECISIO 1.45 01/14/20 TWD 1.45 HON HAI PRECISIO 1.43 12/27/15 TWD 0.90 HON HAI PRECISIO 1.47 03/08/16 TWD 0.89 HON HAI PRECISIO 1.43 05/23/17 TWD 1.12 HON HAI PRECISIO 1.45 10/18/16 TWD 1.07 HON HAI PRECISIO 2.15 10/08/26 TWD 2.15 HON HAI PRECISIO 1.33 01/30/18 TWD 1.20 HON HAI PRECISIO 1.40 03/18/19 TWD 1.40 HON HAI PRECISIO 2.02 10/08/24 TWD 2.02 HON HAI PRECISIO 1.51 07/18/16 TWD 0.98 HON HAI PRECISIO 1.66 06/14/18 TWD 1.32 HON HAI PRECISIO 1.95 07/08/24 TWD 1.95 HON HAI PRECISIO 1.23 03/18/17 TWD 1.12 HON HAI PRECISIO 1.23 01/14/18 TWD 1.23 HON HAI PRECISIO 1.50 12/17/18 TWD 1.50 HON HAI PRECISIO 1.45 01/30/20 TWD 1.55 HON HAI PRECISIO 1.35 10/11/17 TWD 1.50 HON HAI PRECISIO 1.43 06/14/16 TWD 1.25 HON HAI PRECISIO 1.82 06/14/21 TWD 1.78 HON HAI PRECISIO 1.75 03/18/21 TWD 1.74 HON HAI PRECISIO 2.00 03/18/24 TWD 2.00 HON HAI PRECISIO 1.45 10/08/19 TWD 1.45 HON HAI PRECISIO 1.80 10/08/21 TWD 1.80 HON HAI PRECISIO 1.80 01/14/22 TWD 1.80 HON HAI PRECISIO 1.85 12/17/20 TWD 1.70 HON HAI PRECISIO 1.70 07/08/21 TWD 1.70 HON HAI PRECISIO 1.17 05/21/17 TWD 1.14 HON HAI PRECISIO 1.95 05/21/24 TWD 1.88 HON HAI PRECISIO 1.37 05/21/19 TWD 1.37 HON HAI PRECISIO 1.70 05/21/21 TWD 1.70 HSBC BANK TAIWAN 1.40 03/10/15 TWD 0.71 HSBC BANK TAIWAN 1.55 03/10/16 TWD 0.60 HSBC BANK TAIWAN 1.48 02/05/23 TWD 1.48 HSBC BANK TAIWAN 1.40 01/31/19 TWD 1.27 HSBC BANK TAIWAN 1.23 02/05/18 TWD 1.20 HSBC BANK TAIWAN 1.34 02/05/20 TWD 1.47 HSBC BANK TAIWAN 1.25 01/31/17 TWD 1.11 HUA NAN COMMERCI 1.43 11/06/19 TWD 1.41 HUA NAN COMMERCI 1.85 03/28/24 TWD 1.85 HUA NAN COMMERCI 3.10 04/18/15 TWD 0.88 HUA NAN COMMERCI 1.98 12/19/24 TWD 1.98 HUA NAN COMMERCI 1.63 12/06/18 TWD 1.52 HUA NAN COMMERCI 1.55 11/06/22 TWD 1.55 HUA NAN COMMERCI 1.65 11/23/20 TWD 1.65 HUA NAN COMMERCI 3.20 05/16/16 TWD 3.20 HUA NAN COMMERCI 2.60 04/24/17 TWD 2.60 HUA NAN COMMERCI 2.45 07/16/17 TWD 1.62 HUA NAN COMMERCI 2.60 12/29/19 TWD 2.60 HUA NAN COMMERCI 3.08 01/16/18 TWD 3.08 HUA NAN COMMERCI 1.83 09/26/21 TWD 1.83 HUA NAN COMMERCI 1.98 09/26/24 TWD 1.98 HUA NAN COMMERCI 1.83 12/19/21 TWD 1.83 HUA NAN FINANCIA 1.55 01/21/20 TWD 1.56 HUA NAN FINANCIA 1.23 01/21/18 TWD 1.33 HWATAI BANK LTD 2.70 11/15/19 TWD 2.70 INDUSTRIAL BANK 2.30 10/28/18 TWD 1.80 INDUSTRIAL BANK 2.30 08/26/18 TWD 1.59 INDUSTRIAL BANK 1.85 08/17/19 TWD 1.83 INDUSTRIAL BANK 3.20 12/28/16 TWD 2.24 INDUSTRIAL BANK 3.00 04/12/17 TWD 3.00 INDUSTRIAL BANK 1.95 03/27/21 TWD 1.94 INDUSTRIAL BANK 1.95 05/30/20 TWD 1.85 INDUSTRIAL BANK 1.95 09/26/21 TWD 1.95 INDUSTRIAL BANK 1.85 06/26/21 TWD 1.85 JIH SUN INTERNAT 2.18 04/30/19 TWD 2.18 JIH SUN INTERNAT 2.20 01/30/22 TWD 2.20 KGI SECURITIES C 1.15 03/15/15 TWD 0.72 KINDOM CONSTRUCT 1.41 06/25/17 TWD 1.41 KINDOM CONSTRUCT 1.40 10/28/16 TWD 1.40 KINDOM CONSTRUCT 1.40 12/15/16 TWD 1.28 KINDOM CONSTRUCT 1.60 09/26/18 TWD 1.60 KINDOM CONSTRUCT 1.30 06/18/18 TWD 1.30 KINDOM CONSTRUCT 1.55 08/28/19 TWD 1.55 LAND BANK OF TAI 3.00 04/15/15 TWD 0.87 LAND BANK OF TAI 2.80 12/29/15 TWD 1.00 LAND BANK OF TAI 2.00 06/29/17 TWD 1.61 LAND BANK OF TAI 1.98 12/25/24 TWD 1.98 LAND BANK OF TAI 1.64 10/20/18 TWD 1.42 LAND BANK OF TAI 1.55 04/13/19 TWD 1.60 LAND BANK OF TAI 1.43 10/22/19 TWD 1.43 LAND BANK OF TAI 1.53 12/15/17 TWD 1.38 LAND BANK OF TAI 1.50 06/26/19 TWD 1.45 LAND BANK OF TAI 1.60 12/29/18 TWD 1.54 LAND BANK OF TAI 1.43 12/26/19 TWD 1.47 LAND BANK OF TAI 1.55 12/26/22 TWD 1.55 LAND BANK OF TAI 1.72 12/26/20 TWD 1.72 MAI-LIAO POWER C 1.25 12/19/17 TWD 1.20 MAI-LIAO POWER C 1.37 12/19/19 TWD 1.39 MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43 MEGA FINANCIAL H 3.26 12/26/15 TWD 1.46 MEGA INTERNATION 1.65 06/24/21 TWD 1.64 MEGA INTERNATION 1.62 11/24/18 TWD 1.38 MEGA INTERNATION 3.00 12/23/15 TWD 1.18 MEGA INTERNATION 2.90 03/20/15 TWD 2.90 MEGA INTERNATION 1.70 03/28/21 TWD 1.70 MEGA INTERNATION 1.65 04/15/18 TWD 1.40 MEGA INTERNATION 1.53 12/24/17 TWD 1.36 MEGA INTERNATION 1.48 05/18/19 TWD 1.48 MEGA INTERNATION 3.10 06/26/15 TWD 0.90 MEGA INTERNATION 3.00 09/29/15 TWD 0.95 NAN YA PLASTICS 1.27 11/12/15 TWD 0.90 NAN YA PLASTICS 1.56 06/25/15 TWD 0.86 NAN YA PLASTICS 1.56 08/30/15 TWD 0.75 NAN YA PLASTICS 2.04 06/24/29 TWD 2.04 NAN YA PLASTICS 1.25 09/07/17 TWD 1.17 NAN YA PLASTICS 1.35 11/07/16 TWD 1.00 NAN YA PLASTICS 1.45 08/05/18 TWD 1.24 NAN YA PLASTICS 1.36 07/04/17 TWD 1.15 NAN YA PLASTICS 1.45 07/04/19 TWD 1.38 NAN YA PLASTICS 1.37 09/07/19 TWD 1.33 NAN YA PLASTICS 1.50 02/25/23 TWD 1.52 NAN YA PLASTICS 1.40 08/05/17 TWD 1.21 NAN YA PLASTICS 1.55 08/05/20 TWD 1.54 NAN YA PLASTICS 1.36 02/25/20 TWD 1.51 NAN YA PLASTICS 1.45 11/11/19 TWD 1.45 NAN YA PLASTICS 1.98 12/18/23 TWD 1.94 NAN YA PLASTICS 2.08 12/18/25 TWD 2.10 NAN YA PLASTICS 1.93 11/11/24 TWD 1.93 PACIFIC CONSTRUC 1.50 05/06/16 TWD 1.50 PRINCE HOUSING & 1.55 11/21/18 TWD 1.55 PRINCE HOUSING & 1.33 07/12/17 TWD 1.33 RUN LONG CONSTRU 1.70 05/07/19 TWD 1.37 RUN LONG CONSTRU 1.60 08/01/19 TWD 1.37 SAN FAR PROPERTY 1.55 10/23/18 TWD 1.58 SHANGHAI COMMERC 1.70 03/25/21 TWD 1.65 SHANGHAI COMMERC 1.48 04/10/19 TWD 1.45 SHANGHAI COMMERC 1.43 11/15/19 TWD 1.43 SHANGHAI COMMERC 1.55 11/15/22 TWD 1.55 SHANGHAI COMMERC 1.50 12/15/17 TWD 1.50 SHANGHAI COMMERC 1.54 05/22/19 TWD 1.60 SHANGHAI COMMERC 1.43 12/27/19 TWD 1.57 SHANGHAI COMMERC 3.15 06/10/15 TWD 0.90 SHANGHAI COMMERC 3.05 12/26/15 TWD 3.05 SHANGHAI COMMERC 1.85 03/25/24 TWD 1.85 SHANGHAI COMMERC 1.83 11/25/21 TWD 1.83 SHIHLIN DEVELOPM 1.60 07/31/19 TWD 1.33 SHIN KONG FINANC 3.65 09/29/15 TWD 0.96 SHINING BUILDING 1.60 11/10/17 TWD 1.60 SINYI REALTY INC 1.48 06/27/19 TWD 1.48 SOLAR APPLIED MA 1.75 11/10/15 TWD 1.80 SUNNY BANK LTD 2.35 03/31/21 TWD 2.35 SUNNY BANK LTD 2.45 04/30/20 TWD 2.45 SUNNY BANK LTD 2.45 05/30/19 TWD 2.45 SUNNY BANK LTD 3.25 10/29/17 TWD 3.25 SUNNY BANK LTD 3.25 04/30/17 TWD 3.25 SUNNY BANK LTD 2.85 06/27/18 TWD 2.85 SUNNY BANK LTD 2.35 08/26/21 TWD 2.35 SUNNY BANK LTD 2.45 12/30/21 TWD 2.45 TA CHONG BANK LT 3.50 02/26/17 TWD 3.50 TA CHONG BANK LT 3.00 03/09/18 TWD 1.92 TA CHONG BANK LT 3.75 03/05/17 TWD 3.75 TA CHONG BANK LT 2.05 06/22/19 TWD 2.05 TA CHONG BANK LT 1.90 12/27/19 TWD 1.90 TA CHONG BANK LT 2.15 03/30/19 TWD 2.15 TA CHONG BANK LT 3.25 01/05/17 TWD 3.25 TA CHONG BANK LT 2.00 09/26/21 TWD 2.00 TA CHONG BANK LT 2.05 03/21/21 TWD 2.05 TA CHONG BANK LT 2.00 11/19/21 TWD 2.00 TAIPEI FUBON COM 1.60 05/20/15 TWD 1.14 TAIPEI FUBON COM 3.05 03/28/15 TWD 3.05 TAIPEI FUBON COM 1.50 11/15/17 TWD 1.38 TAIPEI FUBON COM 1.65 03/18/18 TWD 1.65 TAIPEI FUBON COM 1.52 08/01/20 TWD 1.52 TAIPEI FUBON COM 1.85 05/15/24 TWD 1.85 TAIPEI FUBON COM 1.65 12/01/18 TWD 1.46 TAIPEI FUBON COM 2.50 01/25/20 TWD 2.50 TAIPEI FUBON COM 1.48 04/05/19 TWD 1.48 TAIPEI FUBON COM 1.68 05/25/22 TWD 1.83 TAIPEI FUBON COM 1.55 10/15/20 TWD 1.55 TAIPEI FUBON COM 1.70 05/20/17 TWD 1.70 TAIPEI FUBON COM 3.09 05/30/15 TWD 3.10 TAIPEI FUBON COM 3.14 06/20/15 TWD 3.15 TAIPEI FUBON COM 2.20 12/22/16 TWD 1.17 TAIPEI FUBON COM 1.70 08/05/18 TWD 1.45 TAIPEI FUBON COM 2.20 01/25/17 TWD 1.14 TAIPEI FUBON COM 2.30 01/29/17 TWD 2.30 TAIPEI FUBON COM 1.95 08/20/17 TWD 1.60 TAIPEI FUBON COM 2.05 08/20/20 TWD 2.05 TAIPEI FUBON COM 1.80 03/01/17 TWD 1.48 TAIPEI FUBON COM 2.50 03/02/20 TWD 2.50 TAIPEI FUBON COM 1.70 08/01/23 TWD 1.70 TAIPEI FUBON COM 1.98 09/25/24 TWD 1.98 TAIPEI FUBON COM 1.70 05/15/21 TWD 1.70 TAISHIN FINANCIA 2.30 12/17/17 TWD 1.65 TAISHIN FINANCIA 2.00 05/15/19 TWD 1.85 TAISHIN FINANCIA 2.20 08/05/18 TWD 1.61 TAISHIN FINANCIA 2.20 10/05/18 TWD 2.20 TAISHIN INTERNAT 1.53 10/19/19 TWD 1.53 TAISHIN INTERNAT 1.65 10/19/22 TWD 1.65 TAISHIN INTERNAT 1.53 12/14/19 TWD 1.53 TAISHIN INTERNAT 1.65 12/14/22 TWD 1.65 TAISHIN INTERNAT 2.65 04/12/17 TWD 2.65 TAISHIN INTERNAT 1.95 05/16/24 TWD 1.95 TAIWAN ACCEPTANC 1.25 10/17/17 TWD 1.25 TAIWAN ACCEPTANC 1.12 06/20/17 TWD 1.16 TAIWAN BUSINESS 1.92 09/02/17 TWD 1.45 TAIWAN BUSINESS 2.35 08/27/15 TWD 1.98 TAIWAN BUSINESS 2.50 12/18/16 TWD 1.36 TAIWAN BUSINESS 2.32 03/05/17 TWD 2.32 TAIWAN BUSINESS 1.68 03/25/20 TWD 1.71 TAIWAN BUSINESS 1.92 11/25/20 TWD 1.86 TAIWAN COOPERATI 3.00 05/28/15 TWD 0.89 TAIWAN COOPERATI 1.70 07/28/18 TWD 1.41 TAIWAN COOPERATI 1.65 06/28/22 TWD 1.60 TAIWAN COOPERATI 1.43 12/25/19 TWD 1.43 TAIWAN COOPERATI 1.55 12/25/22 TWD 1.55 TAIWAN COOPERATI 1.45 10/25/17 TWD 1.28 TAIWAN COOPERATI 1.48 03/28/20 TWD 1.58 TAIWAN COOPERATI 1.72 12/25/20 TWD 1.72 TAIWAN COOPERATI 1.70 05/26/21 TWD 1.70 TAIWAN COOPERATI 1.85 05/26/24 TWD 1.85 TAIWAN LAND DEVE 1.36 04/25/17 TWD 1.36 TAIWAN MOBILE CO 1.34 12/20/19 TWD 1.44 TAIWAN MOBILE CO 1.29 04/25/18 TWD 1.21 TAIWAN POWER CO 1.35 09/26/16 TWD 1.04 TAIWAN POWER CO 1.30 11/17/16 TWD 0.98 TAIWAN POWER CO 1.24 11/21/16 TWD 1.06 TAIWAN POWER CO 1.10 05/30/17 TWD 1.04 TAIWAN POWER CO 1.39 07/21/15 TWD 0.75 TAIWAN POWER CO 1.37 08/20/15 TWD 0.63 TAIWAN POWER CO 1.55 07/22/20 TWD 1.42 TAIWAN POWER CO 1.38 06/01/15 TWD 0.70 TAIWAN POWER CO 1.65 07/19/17 TWD 1.10 TAIWAN POWER CO 1.23 12/27/16 TWD 1.06 TAIWAN POWER CO 1.47 09/23/17 TWD 1.08 TAIWAN POWER CO 1.40 03/17/19 TWD 1.36 TAIWAN POWER CO 1.29 06/15/17 TWD 0.94 TAIWAN POWER CO 1.65 10/20/21 TWD 1.56 TAIWAN POWER CO 2.75 04/18/15 TWD 0.51 TAIWAN POWER CO 1.38 04/21/15 TWD 0.54 TAIWAN POWER CO 2.02 12/15/24 TWD 2.02 TAIWAN POWER CO 1.95 10/22/19 TWD 1.40 TAIWAN POWER CO 1.78 11/20/19 TWD 1.36 TAIWAN POWER CO 2.15 12/28/19 TWD 1.42 TAIWAN POWER CO 1.87 04/28/16 TWD 0.89 TAIWAN POWER CO 1.37 04/23/19 TWD 1.50 TAIWAN POWER CO 1.23 04/23/17 TWD 1.08 TAIWAN POWER CO 1.43 06/15/19 TWD 1.41 TAIWAN POWER CO 1.32 12/19/16 TWD 0.92 TAIWAN POWER CO 1.64 08/20/17 TWD 1.10 TAIWAN POWER CO 1.55 11/20/16 TWD 0.90 TAIWAN POWER CO 1.46 12/17/17 TWD 1.02 TAIWAN POWER CO 1.92 03/17/24 TWD 1.93 TAIWAN POWER CO 1.60 12/15/20 TWD 1.52 TAIWAN POWER CO 1.53 05/03/23 TWD 1.96 TAIWAN POWER CO 1.49 08/15/22 TWD 1.84 TAIWAN POWER CO 2.85 11/04/15 TWD 0.60 TAIWAN POWER CO 2.74 06/16/15 TWD 0.53 TAIWAN POWER CO 1.33 06/28/16 TWD 0.90 TAIWAN POWER CO 2.62 11/25/15 TWD 0.63 TAIWAN POWER CO 1.40 05/30/19 TWD 1.42 TAIWAN POWER CO 1.10 03/18/17 TWD 1.05 TAIWAN POWER CO 1.46 12/15/19 TWD 1.43 TAIWAN POWER CO 1.48 11/21/18 TWD 1.32 TAIWAN POWER CO 1.98 07/21/24 TWD 1.99 TAIWAN POWER CO 1.85 04/22/20 TWD 1.50 TAIWAN POWER CO 1.10 12/15/17 TWD 1.10 TAIWAN POWER CO 1.50 04/24/22 TWD 1.75 TAIWAN POWER CO 1.75 07/23/23 TWD 1.76 TAIWAN POWER CO 1.31 10/31/19 TWD 1.44 TAIWAN POWER CO 1.43 10/31/22 TWD 1.42 TAIWAN POWER CO 1.51 10/21/18 TWD 1.29 TAIWAN POWER CO 1.27 11/30/19 TWD 1.43 TAIWAN POWER CO 1.41 11/28/22 TWD 1.41 TAIWAN POWER CO 1.39 12/26/22 TWD 1.49 TAIWAN POWER CO 1.60 04/22/18 TWD 1.36 TAIWAN POWER CO 1.69 04/22/21 TWD 1.50 TAIWAN POWER CO 1.28 05/06/18 TWD 1.30 TAIWAN POWER CO 1.39 05/06/20 TWD 1.46 TAIWAN POWER CO 1.30 06/17/18 TWD 1.20 TAIWAN POWER CO 1.58 12/21/21 TWD 1.41 TAIWAN POWER CO 1.39 08/16/19 TWD 1.42 TAIWAN POWER CO 2.35 12/30/18 TWD 1.27 TAIWAN POWER CO 2.84 04/18/18 TWD 1.25 TAIWAN POWER CO 1.71 08/23/20 TWD 1.56 TAIWAN POWER CO 1.75 06/01/17 TWD 1.10 TAIWAN POWER CO 1.83 06/01/20 TWD 1.43 TAIWAN POWER CO 1.75 04/23/17 TWD 1.20 TAIWAN POWER CO 1.55 06/28/18 TWD 1.23 TAIWAN POWER CO 1.64 06/28/21 TWD 1.52 TAIWAN POWER CO 1.65 07/19/18 TWD 1.25 TAIWAN POWER CO 1.75 07/21/21 TWD 1.67 TAIWAN POWER CO 2.99 07/21/15 TWD 0.58 TAIWAN POWER CO 2.99 09/17/15 TWD 0.65 TAIWAN POWER CO 1.64 09/21/20 TWD 1.61 TAIWAN POWER CO 1.79 07/21/20 TWD 1.48 TAIWAN POWER CO 1.52 06/15/22 TWD 1.52 TAIWAN POWER CO 1.50 11/22/18 TWD 1.28 TAIWAN POWER CO 1.94 11/22/23 TWD 1.89 TAIWAN POWER CO 1.45 06/17/20 TWD 1.55 TAIWAN POWER CO 1.10 10/16/17 TWD 1.10 TAIWAN POWER CO 1.42 10/16/19 TWD 1.42 TAIWAN POWER CO 1.77 10/16/21 TWD 1.77 TAIWAN POWER CO 1.99 10/16/24 TWD 1.99 TAIWAN POWER CO 1.46 12/30/18 TWD 1.35 TAIWAN POWER CO 1.75 12/30/20 TWD 1.66 TAIWAN POWER CO 1.95 12/30/23 TWD 1.88 TAIWAN POWER CO 1.95 05/28/24 TWD 1.96 TAIWAN POWER CO 1.75 05/30/21 TWD 1.69 TAIWAN POWER CO 1.74 03/17/21 TWD 1.74 TAIWAN POWER CO 1.42 07/21/19 TWD 1.44 TAIWAN POWER CO 1.77 12/17/21 TWD 1.77 TAIWAN SEMICONDU 1.23 01/04/18 TWD 1.11 TAIWAN SEMICONDU 1.40 09/28/16 TWD 0.95 TAIWAN SEMICONDU 1.35 01/04/20 TWD 1.37 TAIWAN SEMICONDU 2.10 09/25/23 TWD 2.03 TAIWAN SEMICONDU 1.63 09/28/18 TWD 1.16 TAIWAN SEMICONDU 1.50 07/16/20 TWD 1.40 TAIWAN SEMICONDU 1.49 01/04/23 TWD 1.62 TAIWAN SEMICONDU 1.29 01/11/17 TWD 0.98 TAIWAN SEMICONDU 1.46 01/11/19 TWD 1.46 TAIWAN SEMICONDU 1.38 02/06/20 TWD 1.50 TAIWAN SEMICONDU 1.39 09/26/19 TWD 1.39 TAIWAN SEMICONDU 1.28 08/02/17 TWD 1.05 TAIWAN SEMICONDU 1.53 10/09/22 TWD 1.53 TAIWAN SEMICONDU 1.23 02/06/18 TWD 1.11 TAIWAN SEMICONDU 1.50 02/06/23 TWD 1.91 TAIWAN SEMICONDU 1.35 09/25/16 TWD 1.38 TAIWAN SEMICONDU 1.45 09/25/17 TWD 1.47 TAIWAN SEMICONDU 1.34 08/09/17 TWD 1.34 TAIWAN SEMICONDU 1.52 08/09/19 TWD 1.52 TAIWAN SHIN KONG 1.85 03/30/18 TWD 1.85 TAIWAN SHIN KONG 1.80 09/26/18 TWD 1.80 TAIWAN SHIN KONG 1.95 09/26/21 TWD 1.55 TAIWAN SHIN KONG 1.51 12/28/19 TWD 1.51 TAIWAN SHIN KONG 1.63 12/28/22 TWD 1.63 TAIWAN SHIN KONG 2.50 12/18/16 TWD 1.45 TAIWAN SHIN KONG 2.10 12/15/24 TWD 2.10 TONG YANG INDUST 1.35 01/28/20 TWD 1.35 TONG YANG INDUST 1.35 01/28/20 TWD 1.35 TONG YANG INDUST 1.35 01/28/20 TWD 1.35 U-MING MARINE TR 1.32 08/22/17 TWD 1.32 UNION BANK OF TA 2.78 06/15/18 TWD 2.78 UNION BANK OF TA 2.32 03/01/19 TWD 2.32 UNION BANK OF TA 2.10 12/19/20 TWD 2.10 UNI-PRESIDENT EN 1.57 06/25/15 TWD 0.90 UNI-PRESIDENT EN 1.39 10/29/19 TWD 1.53 UNI-PRESIDENT EN 1.39 02/18/19 TWD 1.41 UNI-PRESIDENT EN 1.28 10/29/17 TWD 1.20 UNI-PRESIDENT EN 1.35 06/18/17 TWD 1.11 UNI-PRESIDENT EN 1.43 06/17/16 TWD 1.01 UNI-PRESIDENT EN 1.22 02/26/18 TWD 1.17 UNI-PRESIDENT EN 1.23 10/27/15 TWD 1.28 UNI-PRESIDENT EN 1.62 06/23/21 TWD 1.58 UNI-PRESIDENT EN 1.29 06/23/19 TWD 1.34 UNI-PRESIDENT EN 1.78 06/23/24 TWD 1.81 UNITED MICROELEC 1.35 03/15/18 TWD 1.33 UNITED MICROELEC 1.43 06/07/17 TWD 1.20 UNITED MICROELEC 1.63 06/07/19 TWD 1.50 UNITED MICROELEC 1.95 06/18/24 TWD 1.95 UNITED MICROELEC 1.50 03/15/20 TWD 1.58 UNITED MICROELEC 1.70 06/18/21 TWD 1.71 USI CORP 1.90 02/12/22 TWD 1.90 USI CORP 1.55 02/12/20 TWD 1.55 USI CORP 1.55 06/24/16 TWD 1.34 WAN HAI LINES LT 1.65 06/22/16 TWD 1.25 WAN HAI LINES LT 1.65 08/14/19 TWD 1.65 WAN HAI LINES LT 1.85 06/24/18 TWD 1.55 WAN HAI LINES LT 1.95 08/14/21 TWD 1.95 YANG MING MARINE 1.42 05/20/15 TWD 1.45 YANG MING MARINE 2.45 11/01/20 TWD 2.45 YANG MING MARINE 1.30 12/27/16 TWD 1.15 YANG MING MARINE 2.20 11/01/18 TWD 1.90 YANG MING MARINE 1.30 12/27/16 TWD 1.14 YANG MING MARINE 1.30 12/27/16 TWD 1.15 YANG MING MARINE 1.42 05/20/15 TWD 1.35 YANG MING MARINE 1.42 05/20/15 TWD 1.23 YANG MING MARINE 1.30 12/27/16 TWD 1.34 YANG MING MARINE 1.30 12/27/16 TWD 1.26 YANG MING MARINE 1.30 12/27/16 TWD 1.16 YANG MING MARINE 1.30 12/27/16 TWD 1.11 YANG MING MARINE 1.30 12/27/16 TWD 1.05 YANG MING MARINE 1.42 05/20/15 TWD 1.42 YANG MING MARINE 1.42 05/20/15 TWD 1.46 YANG MING MARINE 1.42 05/20/15 TWD 1.31 YANG MING MARINE 1.42 05/20/15 TWD 1.31 YANG MING MARINE 1.42 05/20/15 TWD 1.38 YFY INC 1.40 06/28/15 TWD 0.95 YFY INC 1.40 06/28/15 TWD 1.40 YUAN DING INVEST 1.62 07/19/15 TWD 1.45 YUAN DING INVEST 1.35 05/26/19 TWD 1.43 YUAN DING INVEST 1.25 08/06/15 TWD 1.30 YUAN DING INVEST 1.40 08/06/17 TWD 1.20 YUAN DING INVEST 1.45 12/15/16 TWD 1.40 YUAN DING INVEST 1.50 07/20/16 TWD 1.27 YUAN DING INVEST 1.35 11/25/16 TWD 1.14 YUANTA COMMERCIA 2.30 06/10/17 TWD 1.38 YUANTA COMMERCIA 2.00 09/04/24 TWD 2.00 YUANTA COMMERCIA 1.75 06/27/18 TWD 1.53 YUANTA COMMERCIA 1.95 10/27/21 TWD 1.95 YUANTA COMMERCIA 1.85 08/22/18 TWD 1.55 YUANTA COMMERCIA 1.80 10/27/18 TWD 1.80 YUANTA COMMERCIA 1.80 09/04/21 TWD 1.80 YUANTA COMMERCIA 1.85 10/29/21 TWD 1.85 YUANTA FINANCIAL 1.50 06/29/16 TWD 1.11 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***